By Chris Becker
Risk markets are still in a holding pattern awaiting the Federal REserve latest interest rate meeting, with the focus on German unemployment – spiking unexpectedly – and US GDP growth which disappointed looking through the headlines. A big reversal and increase in oil inventories sent both WTI and Brent down to weekly lows, while on currency markets the USD fell back on the GDP print but gold and Bitcoin remain depressed.
Looking at the action on Asian markets yesterday, where the Shanghai Composite continued its pullback with a fall of nearly 0.5% to 2939 points, as the 3000 point level remains a too-hard barrier to break. Meanwhile the Hang Seng Index moved the same way, down 0.4% to close at 26659 points, as this stall below the previous weekly high and weekly downtrend line weighs in the short term, so continue to watch the low moving average at around 26500 points for signs of an inversion:
