By Chris Becker
The US dollar fell overnight, as bonds and gold rallied in inverse correlation as traders abandoned the US bourses for the algos as earnings season slows down. European stocks soared on the back of short covering of banks, while commodities were mixed as oil slipped but industrial metals particularly copper rose on the back of the weaker dollar. Coming into the Asian session today, futures are mixed for both the Nikkei and ASX200 with the lack of a positive lead from the US.
Yesterday however the Shanghai Composite again pipped above the critical support level of 3000 points in a solid session, climbing 0.7% and starting to approach the 200 day moving average. It needs to clear the July highs first before getting excited, but this to me is another sideways lurch:
