Macro Morning

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By Chris Becker 

US stock markets have closed where they started again despite a better than expected non-manufacturing ISM print overnight, which initally sent the USD higher but then faded against the majors later in the session. Today its the 4Q GDP print for Australia which will be obviously sensitive to the Aussie dollar and bonds.

Looking first at the action on the Asian session yesterday, where the Hang Seng Index closed flat at 28961 points as it tries to pull itself out of a near week long malaise after rising too fast from its recent trend line. The interim target at 30,000 points remains intact but watch that trendline and momentum readings carefully for a correction:

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