Macro Morning

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By Chris Becker

It was all about the Fed last night and oh boy did markets react to that tiny rate rise, with US stocks falling off the proverbial confidence cliff as USD soared against everything including gold. Treasuries were near motionless however. The calendar is packed today with Australian unemployment and the BOJ interest rate meeting, with the BOE also sitting down tonight.

Recapping Asia’s session yesterday where the Shanghai Composite closed down 1% to 2549 points in a steep selloff as previous support level at 2600 points becomes a distant memory The daily chart is morphing into a bearish sideways pattern with no signs of an upside breakout:

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