By Chris Becker
It’s all about the US dollar at the moment, which is turning market action into a trader’s market as confusion reigns, although the core message is one of holding/erasing the notion of a Fed rate hike this year. This is sending the USD down, stocks up and bonds on a steady course. Last night’s CPI print was flat as a tack, implying almost zero inflationary pressures while initial jobless claims hit a new record low suggesting employment markets are quite robust. Oil went on a rollercoaster ride due to a huge spike in crude oil inventories, while gold continued to rise.
Recapping Asia’s session yesterday, where the Shanghai Composite lead a large resurgence, up over 2% straight from the open to the close and out to 3338 points, just below former support at 3400 points as momentum finally begins to build:
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