By Chris Becker
Its the day of the dollar as the USD crushes all in its path, including stocks, currency majors and commodities as Trump expands the trade war, pushing over Wall Street confidence amid an upbeat earnings season. It wasn’t just the tariffs, as the US PPI lifted much higher than expected, while emerging markets are crumbling, in particular Turkey as Erdogan tightens his grip. Its going to be a sea of red in Asia today, so lets go swimming!
Recapping Asia’s session yesterday where the Shanghai Composite was off more than 2% to close at 2761 points, well below the previous level of support at 2800. I suggested yesterday that a bottom may be possible here, only if price can get back above the daily high moving average band, which has turned into considerable upside resistance in the mid 2800s, so no luck here as Yuan tumbles:
