By Chris Becker
A swift reversal in interest rate bets overnight as the US ISM print unexpectedly showed retraction in manufacturing, which sent the USD down against all the majors as oil prices slumped on more evidence of a supply buildup. US stocks were unmoved at the end of the session, following a poor lead from European bourses which were sold off half a percent or more as Euro rallied in response. Gold finally paused its ten day decline with a small rally.
Summing up Asia yesterday first, where the Shanghai Composite sold off strongly into the close, falling 0.7% to 3063 points, reversing the previous gains of this week which has been sideways at best. I’m still watching the clearance of the previous daily high for a breakout and a drop below 3000 for a breakdown for long/short entries, but the bulls are winning here for now:
