By Chris Becker
It’s a bull market, that’s for sure as sentiment swung further into ebullience overnight with both sides of the Atlantic firing up their respective stock markets. While the USD soared against Yen as a risk proxy, its failing against the majors, particularly Aussie which has made another new high, while a stronger Euro is not phasing European bourses. Treasury yields are again on a tear, pushing up towards 3.1% on the 10 year, while oil and base commodities retreated slightly.
Recapping Asia’s session yesterday with Chinese stocks first, where the Shanghai Composite finished only a few points lower at 2729 points, still holding above short term resistance at the 2700 point level. Although momentum remains negative this could tentative bounce could get as high as 2800 points but I’m keeping an eye on the USDCNH correlation here:
