Macro Morning

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By Chris Becker 

Overnight markets rebounded slightly with US equities leading the charge as the latest FOMC minutes repeated a “patient stance” while core inflation data was subdued, leading to falls in Treasury bond yields and the US dollar. The ECB held fire but again noted downside risks to growth, with the Euro and Pound Sterling relatively steady as a result while the Aussie dollar continues its surge.

Looking first at the Asian session yesterday where the Hang Seng Index has had another slip, down 0.2% but still well above the 30,000 point level, closing at 30100 points even as this overextended rally takes a breather. There is a chance of a rollover here, possibly down to the recent resistance level that was cleared at 29500 points:

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