Macro Morning

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By Chris Becker

Another night of record highs on stock markets with US Treasuries falling after Fed Chair Janet Yellen indicated more interest rate rises are on the way. Currency markets were not as USD focused, with Pound Sterling falling on Brexit fears and the Euro weaker due to Spanish political imbrolios. The lack of economic data – where no news is good news – helped risk markets, particularly commodities as well.

Recapping Asia yesterday first where in mainland China the Shanghai Composite slumped going into the close, down 0.4% to 3378 points, still rejecting that key resistance level at 3400 points.. The daily chart is still showing a clear build up to the resistance level at 3400 points which should break soon:

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