By Chris Becker
Markets fell again overnight as confidence continues to evaporate following the Federal Reserve’s more neutral stance. The BOE held overnight as well, taking the wind out of a recent rally in Pound Sterling, while US bond yields and the USD rose as undollar assets like oil and gold fell in the risk off mood, the highlight being Australian dollar which finally fell below the 70 cent level.
Looking first at the Asian session yesterday where the Shanghai Composite was closed while the Hong Kong based Hang Seng Index finished 0.6% higher to 29890 points, bouncing off local support at the 29000 point level so there’s still more upside potential here if the high moving average is breached:
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