Macro Morning

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By Chris Becker 

With US markets closed for a holiday, other risk assets still pushed higher in their absence with German bond yields now at a record low and matching the ECBs negative deposit rate. Currency markets were very stable as the lack of volume impacted movements while traders await tonight’s NFP print.

Looking at the action in Asia yesterday where the Shanghai Composite declined slightly but managed to close just above the 3000 point barrier, still barely holding on to its early week bounce-back. The Hang Seng Index put in yet another scratch session to close slightly lower at 28795 points, still unable to make good on the previous breakout but still holding on above the previous set of highs at 28500. We need a new daily high soon or the bulls will close their positions:

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