by Chris Becker
The Fed minutes were the highlight of market action in the last 24 hours as the emboldened central bank announced rate rises are a go come December, signalling the economy is strong enough for a “little wafer”. Bonds didn’t react as expected and were solid, especially European ones, while the Aussie dollar had a big rally, the Euro moderated. Commodities were mixed with gasoline futures rising the most on the Fed speculation, while gold remains in the doldrums.
Recapping Asia’s session where the Shanghai Composite began the session well but sold off in the afternoon for a -1% loss result, falling below 3600 points. The daily chart shows overbought action here but there is a sign of congestion here for a possible breakout up to 4000 points as selling resistance disappears:
