By Chris Becker
Today in Asia, markets will be watching the Chinese Q4 GDP print and have a wave of bullishness behind them if it all goes to plan as Wall Street made yet another record high in the wake of solid retail sales data for December. The USD re-engaged its strength against the majors – except gold which is hanging on – and bond yields rose as the risk on mood spread.
Looking at Asian share markets yesterday where Chinese stocks continued to struggle with a higher Yuan as the Shanghai Composite fell 0.5% to remain well below the 3100 points level, closing at 3074 points. Meanwhile the Hang Seng Index was looking to put in a scratch session and surged at the close to finish up 0.4% at 28883 points. The daily chart shows continued support as price remains elevated with solid momentum, but I’m still watching for a potential reversion below the high moving average and short term support at 28400 points: