Macro Morning

By Chris Becker 

The release of the FOMC minutes overnight led to a mild selloff in USD against the major currency pairs, but stocks lifted in the US after a staid session in Europe and Asia. Commodities came back as a result with oil, gold and copper rising but bonds were relatively quiet, although LIBOR tipped 1% for the first time in over 8 years…hmmm

Yesterday the Shanghai Composite was bullish, lifting almost 1% to finish at 3158 points, building above the 200 day moving average and the high moving average. The daily chart shows the building up of support at 3100 points so perhaps the correction is over?