By Chris Becker
Overnight saw a continuation of the equity bounce with US shares up nearly 2% while the USD firmed against all the majors and Treasury yields remained at their lofty highs. EZ CPI came in bang on target, but that didn’t help the Euro which flopped to a new weekly low, while the latest DOE oil inventory report didn’t have any surprises, the shorts were out in force sending oil prices lower.
Recapping Asia’s session yesterday where the Shanghai Composite moved higher, closing up 1.3% again to 2602 points, ready to maintain itself above key support at the 2600 level. The daily chart clearly shows how it needs to get back and remain above that level to forestall a wider selloff:
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