By Chris Becker
Trump tried to rub out the recent gains in USD by criticizing the Fed’s interest rate rises, causing volatility across currency and stock markets. Commodities remain the greatest downside however, with copper plumbing new lows alongside gold while oil prices are relatively stable as the Saudis try to undermine concerns of oversupply. Wall Street fell for the first time this week even in the face of solid corporate earnings, providing another headwind locally for Asian stocks.
Recapping Asia’s session yesterday where the Shanghai Composite sold off again going into the close, down 0.6% to 2771 points as it continues to reject former support at 2800 points. There is still a potential bottom forming here, but price can’t seem to get back above the daily high moving average band as buyers evaporate:
