By Chris Becker
Another devaluation of Chinese Yuan maybe the last as the PBOC took the Fed’s mantle as “market soother” overnight, claiming any further falls were unwarranted. However a solid retail sales print in the US embiggened the interest rate rise expectation again, leading any gains in US stocks to be squashed by the close. The USD remained under pressure as the Euro strengthened on a very flat German CPI print, although there was good news for Greece as it posted strong GDP growth for the second quarter.
Recapping Asia’s session, the Shanghai Composite climbed nearly 2% to just below 4000 points as its sideways move on the daily charts begins to build a bullish bias. An inability to definitely clear resistance however is holding back the re-inflation:
