By Chris Becker
The “economy is great, sell stocks” meme took a pause overnight as the services ISM in the US came in very strong, putting to doubt any notion that the Federal Reserve will hold back on future interest rate rises. The USD remains firm across all the majors, particularly Yen as Treasury bonds continue to fall in price dragging Euro bonds with them. Shares are being held up on higher oil prices as US energy stocks keep the S&P from making new lows. Gold continues to suffer of course, not playing the Minsky Metal role just yet.
Recapping Asia’s session yesterday, where the Shanghai Composite remains closed on a holiday.