By Chris Becker
As Trump withdraws from the Paris climate accord – and general leadership of the free world – markets overnight went with optimism instead with US stocks closing at new all time highs, the USD rallied and Treasuries fell going into tonights NFP print. Even European markets lifted on the optimism as the initial jobless claims figure came in better than expected while commodities retreatd.
In mainland China the Shanghai Composite fell over 0.5% due to the PMI print, finishing at 3101 points, right on key support and pushing aside – for now – potential breakouts above that level. The daily chart shows a potential bullish double bottom pattern here, so I’m watching for a breakout above the previous intra-session highs:
