By Chris Becker
A positive mood in European stocks could not translate into new highs in the US with the Biege Book release by the Fed reducing interest rate bets for September even further, but the USD rose slightly mainly on the back of a slightly weaker Yen. More speculation regarding production freezes from OPEC kept oil prices elevated, but without any direction. Coming into tonight’s ECB meeting, bonds are being bid on the long end of the curve as the ECB avoids dabbling its QE toes into the short end, but this could change!
Recapping Asia’s session yesterday, where the Shanghai Composite finished dead flat just below 3100 points. This is getting close to a breakout above recent daily highs that we need to get past the local point of control, but its taking its time:
