26.05.22 Macro Morning
Chris Becker | May 26, 2022 09:45
The release of the latest FOMC Minutes combined with the disappointing US durable goods order print saw Wall Street rebound overnight, with intrasession volatility reduced somewhat as European shares got some relief as Euro pulled back slightly in the wake of a stronger USD. The bond market range traded, with the 10 year US Treasury yield still hovering around the 2.7% level, with interest rate markets confirming the FOMC’s take on a 50 bps rise for the Fed’s June meeting. The Australian dollar remains contained below the 71 handle with commodity prices mixed across the board as oil prices lifted a little higher, copper and iron ore down while gold retraced back towards the $1850SD per ounce level .
Looking at share markets in Asia from yesterday’s session, where mainland Chinese share markets rebounded with the Shanghai Composite up more than 1% to 3107 points while the Hang Seng Index basically treaded water, up only 0.3% to keep above the 20000 point level. The daily chart is showing price action unable to lift higher and remaining contained below trailing daily ATR resistance at the 21000 point level that has firmed as strong resistance:
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