By Chris Becker
Action on risk markets overnight was two fold with USD reversing against most of the majors while US Treasury yields initially spiked before also consolidating as buyers stepped in. This kept equity markets up throughout most of the session, although US stocks faded into the close. Commodities rallied, particularly oil and copper on the USD weakness while gold remains listless.
Recapping Asia’s session yesterday where the Shanghai Composite was the standout by closing in the green – but only just, up 0.1% after yesterdays big wipeout, closing at 2721 points. Looking at the daily chart, Monday’s action took it back to previous weekly support, so this pause needs to continue or it’s all over:
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