By Chris Becker
The overnight US CPI print didn’t put a rocket under the USD, coming in firm as expected as all eyes were on Europe with Trump’s NATO bashing taking the heat off any further barrages in the trade war. Tech stocks in the US closed at an all time high while the rest of Wall Street enjoyed the continued upbeat earnings season. The Aussie dollar bounced back above 74 cents but is looking weak going into todays Chinese trade data print.
Recapping Asia’s session yesterday where the Shanghai Composite recovered its previous loss to be up more than 2% to close at 2837 points, getting back above the previous level of support at 2800. I suggested previously that a bottom may be possible here, but 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 its wait and see as the trade data and soaring USDCNH pair keep this market depressed:
