by Chris Becker
The USD is in near freefall post the FOMC decision which is lifting emerging markets, which is lifting commodities, especially oil, which is lifting the main sharemarkets in a “one size fits all” rising tide of risk appetite. Oil rose nearly 5% on lower US production and more noise from OPEC that they may consider production cuts in the near future. The week ends with a whimper in terms of data prints and economic releases as we head into the slow weekly stage of the monthly economic cycle, which should give this bear market rally a pushalong without any external ructions.
Recapping Asia’s session, the Shanghai Composite remains stuck but tried hard yesterday to lift out of its sideways funk lifting 1.2% to just over 2900 points. Resistance remains strong overhead at 3000 points, as price action tightens into what could be a possible breakout next week, but remain cautious!
