By Chris Becker
Congress whips out the credit card to extend the debt ceiling which sent Treasury yields leaping over 12 points in a single session after the 10 point drop in the previous session. At least bond traders are having fun! In currency world, the Canadian loonie lifted as the CCB raised interest rates – brave given their property bubble – which kept the Aussie elevated while safe haven buying in Yen and gold abated.
Recapping Asia yesterday the Shanghai Composite is putting in its near fifth straigh scratch session to be steady at 3382 points, now in full stall mode here in its attempt to reach up to 3400 points. The daily chart continues to show a lot of congestion here at just below 3400 with daily ranges very tight but still melting higher – this could be a violent breakout if that level is breached:
