A stronger than expected US GDP print followed the ECB’s latest rate hike, sending the USD higher against everything and knocking Wall Street off its recent ebullient run. European stocks soared on the dovishness language from the ECB while Euro dumped down through its recent weekly support at the 1.09 handle, taking the Australian dollar with it below 67 cents.
US bond markets saw a big lift across the yield curve with the 10 year surpassing the 4% level while oil prices held on to their recent gains with Brent crude nearly inching above the $84USD per barrel level. Gold suffered alongside other undollars and fell straight down to the $1940USD per ounce level, negating all of its small uptrend so far this trading week.
Looking at share markets in Asia from yesterday’s session with mainland Chinese share markets are down mid-afternoon with the Shanghai Composite finishing some 0.2% lower at 3216 points while in Hong Kong the Hang Seng Index has again found more buyers, up nearly 1.5% at 19639 points.
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