Macro Morning

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By Chris Becker 

Another night of weakness in USD prompted by the release of the FOMC minutes earlier in the week, quickened by the Yuan tightening but not dampened by a very solid ISM non-manufacturing print. US bonds rallied with 10 year Treasury yields slumping as traders position themselves before tonights NFP release. European stocks were flat as Euro rallied while oil prices oscillated with the mixed DOE inventory report.

Yesterday the Shanghai Composite had another good day, lifting 0.2% and building on its recent breakout, up to 3165 points. The daily chart shows support at 3100 points strengthening and momentum almost crossing to positive so this could turn into a sharp upside rally back to the former high at 3300:

ssec_ix_price_daily_and_commodity_channel_index___daily___40_periods.01jul16_to_12jan17

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