By Chris Becker
Stocks soared overnight on the very solid US 2Q GDP print and expectations of new trade deals with Canada and Mexico still on the table. The USD was mixed against the majors, with the Aussie still falling on the Westpac independent rate hike, while Yen fell which should give Japanese stocks an additional boost today.
Recapping Asia’s session yesterday with Chinese stocks first, where the Shanghai Composite is slipping, unable to make good on its recent rebound, closing 0.3% lower to 2769 points as it rejects stronger resistance at the 2800 point level. Momentum was slowly swinging back to the positive with the Yuan appreciation helping, but I continue to watch significant resistance at 2800 points closely presaging another downturn:
