by Chris Becker
Instead of calling it Trading Week, its more like Yellen Week as the US stock market rebounds as a newly dovish Fed Chair casts aside inflation concerns and stronger employment growth to push out the so-called normalisation of rates just that little further. This isn’t helping other bourses of course, as the USD fell nearly 2% for the week, faster on a better than expected NFP print on Friday night, lifting the Euro and other majors, dragging down the domestic share markets on the strengthening wave. Commodities remain under pressure with oil breaking its daily uptrend, copper down nearly 5% in the last few weeks alongside iron ore.
Recapping Asia’s week where after closing a nice bear trap, the Shanghai Composite finished Friday down a few points just under 3000 points, unconvincing in its attempt to breakout above resistance as seen on the daily chart:
