By Chris Becker
Last night saw the release of the latest US CPI print which nudged slightly higher, sending stocks higher as well but following that the FOMC decided to keep rates on hold which put stock futures into a little tizzy. Expect some mild drops on the open here in Asia, with the resulting hold sending USD sharply lower and undollar assets higher, putting a break on risk taking.
Looking at the action on Asian markets yesterday where the Shanghai Composite closed nearly 0.3% higher to 2924, building above the 2900 point level it broke on Friday, while the Hang Seng Index shot nearly 0.8% higher to finally make a new daily high, finishing at 26645 points. The daily chart is showing solid signs of a probable swing play back up to 27000 points but that high moving average needs breaching first:
