By Chris Becker
The US ISM manufacturing print last night highlighted the Federal Reserve’s resolve in normalising rates, coming in strong, confirming interest rate rise bets and pushed the USD up and everything else down. Even more resolve from the UK where March 2017 has been set as the date for official Brexit, invoking Article 50, which sent the Pound to new lows as government debt was also sold off alongside gold and silver. Its a big week in economic data starting with the RBA meeting today but finalising with the US NFP on Friday night, which will set the course for the rest of the month.
Recapping Asia’s session yesterday, where the Shanghai Composite was closed for a holiday. On Friday it pipped above terminal support at 3000 points, which is now firming as resistance on the daily chart. A solid close below that level will see price likely to retrace down to previous support/congestion at the 2800 point zone as the bear market in Middle Kingdom stocks is not yet over:
