by Chris Becker
Risk markets hinged on the minutes from the recent Federal Reserve Meeting, which confirmed its newly printed (sic) dovish stance and hence saw the USD and bonds selloff with hot money returning to stocks and commodities. Oil surged higher with both WTI and Brent up nearly 5% which also gave the Aussie dollar a lift as the weekly DOE inventory reported on the downside, with huge falls in crude stocks as refinery production picked up.
Recapping Asia’s session yesterday where the Shanghai Composite, after finally launching above the 3000 point level, previously basically tread water as the Caixin services PMI came in at a moderate level. Price action is still pointing to the 200 day moving average at 3200 points very quickly:
