Macro Morning

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By Chris Becker 

The data calendar helped move things along last night building on the surprising Chinese CPI in the Asian session. GDP data in Europe undershot slightly and with a poor showing in the closely watched German ZEW business survey, the Euro and stocks fell lacking confidence in risk taking. All guns blazing though in the ‘States with Janet Yellen testifying before the Senate Banking panel that everything is awesome, sending US stocks to new record high and lifting the USD against almost everything. The bulls remain in charge!

Onto Asia’s session yesterday, where the Shanghai Composite maintained its position above 3200 points, despite the surprising CPI print, finishing a few points higher at 3217. Support at 3100 points remains solid, and momentum is building here for an attempt to breach the 2016 high at 3300 points:

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