By Chris Becker
Wow what a fun night for currency traders! As I stock up on a large double double to get the caffeine going, the big takeaway to write down is the dovish turn at the ECB, where fresh stimulus is on offer, sending the Euro plummeting. This didn’t translate into confidence, obviously, so European stocks sold off despite the lower currency tailwind, and then the US turned down to create new weekly lows across Wall Street. Fun fun fun!
Looking first at the action on the Asian session yesterday, the Hong Kong Hang Seng Index finished nearly 1% lower to 28779 points, unable to make any headway above 29000 points as it fails again to pull itself out of a near week long malaise. The interim target at 30,000 points is no longer intact as both the trendline and low moving average suggest further falls as momentum inverts:
