Macro Morning

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By Chris Becker 

Traders in the US didn’t like the long weekend break despite a lift in local consumer confidence with tensions over the ongoing trade dispute with China causing much angst. The USD was all over the place, firmest against European currencies while the Aussie dollar tread water, but commodities like gold, oil and copper all fell as bids went to safe havens like Yen and Treasuries.

Yesterday saw Asian stock markets in a better mood with the Shanghai Composite pushing above 2900 points, closing about 0.6% higher to 2909, while the Hang Seng Index is looking to close at a similar advance as well, up 0.4% to 27390 points, finally not making another new daily low. The daily chart has been showing a deceleration pattern with a bottom potentially forming here at the 27000 point level. I’m watching the 27000 point level very closely for signs of a full inversion:

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