By Chris Becker
King Dollar is back lead by Governor Kuroda’s comments that saw Yen selloff, while a mad dash for risk assets saw the NASDAQ explode upwards, pulling up the broader S&P and Euro stocks as US GDP surprised on the upside. Bonds were very quiet while gold was also nonplussed, so combined we should see a risk-on rally here in Asia today.
Recapping Asia yesterday the Shanghai Composite has put in another scratch session to be down only a few points at 3363 extending its pause here after the big breakout recently. The daily chart shows the swift ride up to the next resistance level at 3400 points which might have been a bit too quick, so a retracement back to new support at 3300 could be on the cards here:
