By Chris Becker
Stock markets are still digesting the ever stronger USD rally, but overnight the King of currencies finally weakened with a lower than expected ISM non-manufacturing survey putting to question the robustness of tonights NFP. US stocks were down by more than 1% intrasession before recovering for small scratch losses as European stocks fell on the back of a weaker than expected EZ wide CPI print.
Recapping stocks in Asia yesterday where the Shanghai Composite had a solid session closing 0.6% higher to just on 3100 points, in a sign it may skirt around support at the 3000 point level. This market remains under pressure after its breakdown in early February but so far there hasn’t been a full retracement to support at the 3000 point level. Resistance at 3200 is a weak potential upside when trying to catch a long position here:
