By Chris Becker
While US stocks technically hit another record high, this should be measured in hairs, not leaps and bounds as European stocks retreated amid slowing momentum across risk markets. The USD was hit hard against the majors with all moving higher against “the King”. Oil is breaking out finally after a lower than expected inventory report overnight while gold moved significantly higher on the USD retreat
Looking at Asia’s session yesterday, where the Shanghai Composite lost a little ground, down 0.3% or 10 points to be at 3251 points, unable to build on its recent rally. Momentum is now a little overcooked here for an attempt to breach the 2016 high at 3300 points so a retracement to 3200 is to be expected:
