By Chris Becker
A volatile night on currency markets as the ECB cut rates and restarted its QE program in the face of a continental recession and Brexit concerns. Stocks rose mildly in response however, while bond yields are weirdly higher, including Euro! Oil prices fell back again while gold was largely unchanged, but remained under $1500USD per ounce.
Looking at the action on Asian markets yesterday, where the Shanghai Composite made a comeback, closing 0.7% higher to 3031 points. Meanwhile the Hang Seng Index started well enough before a late selloff saw it close down 0.3% to just above 27000 points, as the long awaited pause in this overbought rally comes to fruition. Price had tentatively broken through above trailing ATR resistance at the 27000 point level with momentum getting into the positive soon but has the market got ahead of itself:
