by Chris Becker
Markets digested the monthly CPI print overnight, with European and US bourses broadly unchanged or slightly higher on the back of the dovish result, unable to take advantage of the momentum in Asia but glad that a lower print isn’t forcing the Fed’s hand. Gold however was rocked although other commodities were unmoved as oil traders await the Doha meeting this weekend and other commodity bulls hinge their hopes on today Chinese GDP print. Except for intrasession volatility, currencies were steady with the USD risely slightly against the majors.
Recapping China’s markets first, where the Shanghai Composite continues higher, up 0.5% to 3083 points consolidating above its key level at 3000. My target for this move is 3200 or even 3400 points, but its the final stages:
