by Martin Armstrong
Although the Asian cash markets were reasonably strong today we did see a slight wobble in the Shanghai index. Japan cash closed +0.35% and Hang Seng even better at +0.85% but China’s main index closed down -0.8% all in relatively low volume day. However, this was ahead Trump’s first major press conference. Most of the action was to take place following this conference with the lack of volatility in cash was more than made-up for in futures later in the day. The JPY saw a 117 – 114 trading range eventually closing around mid range (115.50). The Nikkei (fut’s) traded down over 200 points only to close up in late US trading and the CNH (off-shore Yuan) also added to the speculation that intervention was at play. However, by the close we were almost back to unchanged as the DOW recovered along with the US Dollar. It would probably be unfair to target any particular currency weakness today as all suffered against the ever stronger USD.