By Chris Becker
Another night of new record highs for US stocks as the USD retreated slightly against the majors as traders position for later week events like the NFP payrolls on Friday. Commodities were relatively stable with crude oil prices holding on after a swift fall to start the month and quarter.
Recapping Asia yesterday first where the Shanghai Composite was closed due to a holiday. Japanese stocks were up as the Yen weakened with the Nikkei reaching nearly 1% higher to finish at 20622 points, making good on its recent breakout above resistance at the 20,000 mark. Futures are pointing to an even stronger open today even as Yen strengthened ever so slightly against USD overnight – this looks overdone and a low risk/reward entry for now:
