Macro Morning

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By Chris Becker 

Overnight risk markets took a step back as the USD cooled on its strengthening trend against the major undollar assets, with gold moving higher alongside Euro and Yen. Wall Street advanced only slightly while European markets slipped and it looks like a cool day of risk taking here in Asia.

Looking at the action on Asian markets yesterday, Chinese stocks were the odd ones out with the Shanghai Composite barely hanging on to a positive result to close just above the former 2900 points resistance level. The Hang Seng Index fell back below its own resistance zone at 27000 points, falling 0.3% to 26913 points. An initial gap higher retreated throughout the session and puts some doubt towards any sustainable trend:

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