By Chris Becker
Its all about the strengthening USD in a crowded trade overnight with all the major currencies retreating against the King, while stocks end mixed. European shares made small advances on the back of solid preliminary manufacturing PMI data while US industrial advanced on more tariff news, tech stocks fell. All eyes are still on the US Treasury yield as it continues to bump up against the dreaded 3% level.
Recapping stocks in Asia yesterday where the Shanghai Composite closed 0.1% lower to 3068 points, recovering after slumping late in the session, but still likely on track to head to key terminal support at the 3000 point mark. This market continues to be under enormous pressure after its breakdown in early February and while there is a clustering of support here, I’m expecting more downside pressure shortly:
