02.06.22 Macro Morning
Chris Becker | Jun 02, 2022 09:13
Stock markets pulled back again last night following a stronger than expected ISM manufacturing print, pushing the USD up and sending bond yields higher, with the 10 Year Treasury yield almost hitting the 3% level again. Euro dropped on more ECB hawkish talk of rate rises, with the Canadian central bank joining the party with an expected rate rise, a prelude to the RBA doing so next week which is keeping the Australian dollar contained around the 72 cent level. Commodity prices were mixed as oil prices retraced slightly while copper lifted and gold fell back further below the $1850USD per ounce level.
Looking at share markets in Asia from yesterday’s session, where mainland Chinese share markets were basically stuck with the Shanghai Composite closing down 0.2% to 3181 points while the Hang Seng Index was unable to build on its recent gains, down 0.6% to 21294 points. The daily chart is showing price wanting to get above trailing daily ATR resistance at the 21000 point level but failing to turn this into a sustainable trend. Daily momentum is still overbought but not translating into greater highs:
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