by Chris Becker
The quarter is almost over but finally, most stock markets are back to where they started the year as this bear market rally moves into the next phase. The US dollar remains under pressure as interest rate expectations from the Fed continue to be rejigged so currencies that are actually under negative rate pressure continue to rise! This includes the Australian dollar, whose rise seems unstoppable as hubris kicks in with calls for parity for the safe harbour currency. Commodity markets are leading the bear market rallies, but step back and look at a longer timeframe than a quarter and this action is barely a blip…
Recapping Asia’s session and the week just gone, the Shanghai Composite is finally showing signs of life by lifting nearly 2% on Friday to almost reach heavy resistance at 3000 points:
