By Chris Becker
Risk is back as US traders return to their desks in a positive reaction to the release of the Fed minutes overnight. The USD rebounded slightly against the majors while oil prices came back a little with private inventory data suggesting an upside build. Its all coming along fast as we prepare for tonight’s US unemployment figures which are likely to confirm a very strong US economy, just as Trump enacts major trade tariffs with China.
Recapping Asia’s session yesterday where the Shanghai Composite was in a selling mood again, falling over 0.9% to close at 2733 points, well below the previous level of support at 2800 and continuing the downward pressure. Key long term support at 3000 points remains very strong resistance, with momentum no longer oversold but exhibiting the normal downtrend trajectory:
