Macro Morning

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By Chris Becker

Boom! Another record high in US stocks overnight as the hawks were let out of the cage, sending the USD higher alongside US bond yields. All the majors, particularly the Aussie dollar, fell against the King as US initial jobless claims and other data pointed to more inflationary pressure for the Fed to raise rates. The VIX put in a record new low so its step aside and BTFD!

Recapping Asia yesterday first where the Shanghai Composite remained closed on holiday with the Hong Kong based Hang Seng Index also having the day off. The daily chart is showing the battle in the short term is still being won by the bears as price gravitates closer to support at 3300 points:

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