By Chris Becker
The USD re-asserted itself overnight as stock markets stumbled surrounding the continued lack of good news emanating from US/China trade talks, with Wall Street putting in minor losses. Oil rallied although this didn’t help commodity currencies as the Canadian Loonie dropped on domestic comments, dragging the Aussie and other proxies with it. It looks like a wobble to finish the week here in risk taking in Asia.
Looking at the action on Asian markets yesterday, where Chinese stocks struggled, although on the mainland that Yuan cut saved some ground for the Shanghai Composite which only fell 0.25% to be just above 2900 points. The Hang Seng Index fell straight out of bed to match the previous daily lows, falling 1.6% to be at 26456 points. Price is rejecting former trailing ATR support and the resistance zone at 27000 points as momentum builds to the negative side, but futures are indicating a potential halt to the selling here, so watch below the recent extreme lows at 26200 points:
