by Chris Becker
The relief rally continues across Asia, although after the long lunch break, the Shanghai Composite is barely scratching along after a good open. The ASX however is doing excellent, rising nearly 2% on the back of bank stocks while the Hang Seng is up 1.7% and the Nikkei up 0.5% as the Yen is weighing down the local bourse by strengthening against the USD in the last few hours:
I’m watching support at 102.50 closely for signs of a rebound going into The City open as this is looking oversold already. The Australian dollar is also falling against the USD and the other majors too, with a potential breakdown here at the 74 handle presaging a return to a risk off mood, in commodities at least:
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