Macro Morning

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By Chris Becker

A more positive session last night with US and European stocks pushing higher as the USD retreated against the majors coming into this weeks FOMC Meeting and tonights CPI print.. UK inflation came in a bit hotter than expected, helping reverse some of the Pound’s recent losses on the May election fallout.

In mainland China yesterday the Shanghai Composite zoomed straight up after the long lunch break, reversing some of its previous falls and closed up 0.4% at 3153 points, staying above key support at the 3100 point level. The daily chart’s bullish double bottom pattern remains firm with 3200 still the target:

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