By Chris Becker
The King is back! USD rallied overnight after a weak start to the year, on the back of Janet Yellens remarks that the Fed is ready to raise rates and won’t hesitate if the US economy continues to improve. This sent Treasuries tumbling and left stocks mixed although the NASDAQ rallied into the close. A couple days out from a new US president and markets remain tetchy at best.
First to Asia yesterday where the Shanghai Composite had an uncharacteristically tepid day, closing up a few points in what looks like more market intervention by authorities as the Chinese premier faces the world via Davos. I expect terminal support here at 3100 points to continue to hold for now, watch the Yuan fix today:
