By Chris Becker
It was all about the USD overnight as earnings continued to drive positive sentiment that the Fed, which meets tonight, won’t raise rates until at least September. A resurgent iron ore price also helped the AUD reach 80 cents against the USD, but all the majors are breaking out against the “King”, even the Pound which moved higher on a poorer than expected GDP print in the UK. Interestingly the closely watched ad unexpectedly lower Conference Board consumer confidence print had no effect on US stocks.
Recapping Asia’s moves yesterday, the Shanghai Composite had a quiet breather, down a little over 1% while the Hang Seng tread water. Their satellite bourse, the ASX200 lost around 0.5% on resource stock profit taking with SPI futures pointing to a 10 point higher open, but still well below the 6000 point barrier required for a breakout:
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