By Chris Becker
Positive sentiment on risk markets is accelerating with some big advances on European markets matched by near 1% lifts across Wall Street overnight. A solid US housing starts figure plus more hawkish Fed speak saw the USD rise against almost everything, with the Australian dollar now down in the 68’s.
Yesterday the Shanghai Composite continued to float along, closing 0.55% higher to 2955 points while in Hong Kong, the Hang Seng Index only closed with a scratch session finishing at 28275 points. Momentum was clearly way oversold and is coming back to a swing play but there’s a lot of daylight overhead to fill although futures are supporting a better return today, I’m waiting for a close over the 28600 point level:
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