Macro Morning

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By Chris Becker 

A newly dovish Fed is goosing risk markets and sending the USD into a tailspin overnight, with the latest FOMC Meeting resulting in a hold on any further rate rises. The Brexit shenanigans continued but had no material impact on Pound while other undollar currencies like gold lept higher. Today will be interesting with the latest Chinese PMI manufacturing release around midday.

Looking at the Asian session yesterday first, where the Hang Seng Index eventually finished 0.4% higher to 27642 points, still building a series of daily closes above the previous false break high above 27100 points. The daily chart shows how important it is for the market to clear this level, and so far it’s looking very positive:

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