by Chris Becker
A second day into the inevitable rebound in commodity prices as the USD remains in a weakening trend, although oil bucked the overall bullishness and whipsawed violently again. The Bank of England kept interest rates low again at its monthly interest rate meeting while in the US weekly initial jobless claims came in a little higher than expected, previewing tonights all-important unemployment print that sets the stage for risk markets in the month ahead. Stock markets were mixed overnight, with the FTSE rallying 1% while other European bourses floundered and US stocks had a scratch session. Bonds, like the USD were sold off mildly.
Recapping Asia’s first where the Shanghai Composite lifted slightly but is still moving around a point of control at 2700 points, finishing yesterday at 2780 points, helping lifting local markets. Price must come up above terminal support at 2900 points and close above there for this market to be saved anytime soon:
