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By Chris Becker
Prepositioning before the July 4th holiday saw a slight surge in USD overnight with US stocks mixed in light trading. The ISM print for June was very firm, which helped industrials but tech stocks dropped off again. US Treasuries however continue to sell off, while crude oil is firming after a lower than expected oil rig count.
Yesterday the Shanghai Composite barely closed a few points higher to 3194 points, as traders wait for a breakout above previous resistance at 3200 points. This looks set to be pushed through very soon as the daily trend firms and momentum builds here, but the upside target is quite limited at 3300:
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