By Chris Becker
The fallout from the failed coup in Turkey continues, but unable to upset risk markets that remain tentatively poised as US stocks continued to move higher on the back of higher bank stocks. Currency markets were relatively benign with the USD getting pushed around by the majors, although Yen continues to weaken which should help the domestic Japanese stocks when they re-open later today. Gold remains depressed but not beaten as its mean reversion downtrend looks almost over while the impact on oil supply from the coup has been muted, so WTI was sold off overnight.
Recapping Asia first where the Shanghai Composite moderated slightly, falling 0.35% to close just below 3050 points, still above resistance at 3000 points. The 200 day moving average remains in sight as is the March high with 3400 points the target for this move as the weekly downtrend line is broken. Watch the Yuan fix for continued tradeable ideas here:
