By Chris Becker
European bourses again led the confidence train on risk markets with tech stocks dragging down US stocks, even as Fed Chair Powell put forward an optimistic view of the US economy to Congress overnight. The USD remained elevated, but a late rally in commodities saw a mild bounce in currencies like the Aussie and Kiwi. Oil inventories surprised to the upside overnight, but it didn’t effect prices as a report on OPEC self-compliance showed a market undersupplied.
Recapping Asia’s session yesterday where the Shanghai Composite is selling off going into the close, down 0.2% to 2793 points as it flounders below the previous level of support at 2800 points. There is still a potential bottom forming here, but only if price can get back above the daily high moving average band:
