By Chris Becker
The US dollar rallied overnight alongside US tech stocks and European bourses as the risk-on mood re-ignites following some quite hawkish comments from Fed Governor William Dudley. The move higher more than offset losses in energy stocks as the oil price continued to fall as US oil rigs keep pumping, foiling OPEC’s ability to reduce supply in what is looking like a flooded energy market. Except if you’re Australian of course, because energy has to be expensive here, what with the lack of sunlight and gas reserves…
In Asia yesterday first the Shanghai Composite closed nearly 0.7% higher to 3144 points, as it has yet another go at getting above key support at the 3100 point level. There is some obvious resistance here at 3150 that needs to be cleared, so don’t get too excited just yet:
