Dollar and Yen remains the weakest one for the week. While sell-off slows a little bit in Asian session, there is no sign of bottoming yet. Dollar is apparently still weighed down by Trump's comments on Fed policy. On the other hand, Yen is pressured by solid risk appetite. S&P 500 hit new record high at 2873.23 last week. While it couldn't hold on to the gains and closed just up 0.21% at 2862.96, upside momentum remains firm. For today, New Zealand Dollar is trading as the strongest one as boosted by strong retail sales. Sterling follow as second as supported by positive outcome of Brexit negotiation. In Asia, markets are mixed though. Nikkei, trading up 0.58% at the time of writing, is on course for a positive day. But China Shanghai SE is down -0.62% while Hong Kong HSI is up 0.33%. 10 year JGB yield is up 0.007 at 0.096. But it's notably lower than 1.31 on August 1. That's another reason pressuring the Yen. Technically, Australian's weakness is a point to note and watch today. AUD/NZD's break of 1.0991 support is a clear sign of weakness. EUR/AUD also broke 1.5725 resistance overnight to resume the rebound from 1.5578. And, AUD/USD also starts to lose upside momentum as seen in 4 hour MACD. We might see the Australian Dollar turns weaker today. |
No comments:
Post a Comment