By Chris Becker
The November Federal Reserve meeting came and went with no fanfare, as expectations remain nearly locked in for a rate rise in the December meeting instead. Nevertheless, the USD rallied against most of the majors and gained back some ground, particularly against Euro and Pound Sterling. Stocks were mixed on both sides of the Atlantic, with some minor losses at the end of each session. It’s looking like a staid finish to the week here in Asia, but watch out for today’s Chinese October CPI print and the RBA’s SOMP – Statement of Monetary Policy.
Recapping Asia’s session yesterday where the Shanghai Composite was up slightly going into the close, before selling off to finish down 0.2% at 2635 points, still hanging on to key support at the 2600 level but unable to translate the recent swing gains into a proper recovery. The daily chart was starting to show signs of a real bottom , but price must maintain itself above 2600 here to translate that into a recovery rally so these little blips down are not helping:
