By Chris Becker
Oh what a night – currency markets in turmoil as Theresa May calls a snap election in the UK, sending Pound Sterling over 300 pips higher against USD. The announcement sent UK stocks down over 2%, dragging the rest of European bourses with it while US stocks wavered as the chief vampire squid lost over 5% on bad speculative earnings (read: trading in bonds).
Yesterday in China, the Shanghai Composite sold off going into the close, finally off by 0.7% to close under 3200 points, breaking the long held support since mid January. After struggling to get up and through resistance at 3300 points the iron ore rout has buckled the bulls resolve here. If this is confirmed today we could see a sharp retracement back down to previous support at 3100:
