by Chris Becker
Australian traders are back at their desks this morning after a very long weekend that was characterised by other markets mostly remaining open, but not doing much in the main. Overnight US markets stalled as the USD paused its short term rally on comments from Fed officials that a slower headline GDP rate will also stall further rate rises by the Fed later this year. Commodities markets had the most going on, with copper rising swiftly while oil and gold fluctuated around the ever changing USD bets.
Recapping Asia’s sessions where the Shanghai Composite is still trying to rise above heavy resistance at 3000 points falling 0.7% in the afternoon session. I posited last week that a weekly close above this level is required for the bulls to take control, but I still a contend a retracement is to be expected soon:
