Macro Morning

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By Chris Becker 

Hope returned to stock markets overnight as US economic data beat expectations. Wall Street rallied over 1% higher with the usual safe haven assets falling in response, although Bitcoin did surge above the $9000 mark. Oil prices came back a little after being whallopped, while the USD lost ground against most of the majors in response to the big lift in US durable goods orders as US house prices and consumer confidence also lifted.

Looking at Asian share markets yesterday where Chinese stocks remain closed during the Lunar New Year holiday. Japanese share markets were relatively stable alongside Yen throughout the session with the Nikkei 225 closing only 0.5% lower to 23234 points, still below the key 24000 point resistance level. Trailing daily and weekly ATR support at 22800 points is holding with futures indicating a bullish move on the open this morning as Yen sold off slightly:

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