 Political turmoil in Australia takes the headline over from the US as the Aussie dives broadly today. While two former aides of Trump are likely going to jail soon, special prosecutor Robert Mueller's investigation will take long to complete. However, Australia could have the seventh Prime Minister in a decade in a matter of weeks, or even days. Meanwhile, the greenback is now trying to pare back its earlier loss as another round of tariffs on China kicks in. The low-level trade talks in Washington are not expected to yield any result. FOMC minutes released overnight indicated Fed is on course for September hike, which is Dollar positive too. Meanwhile, New Zealand Dollar is back under pressure as its recovery faded, Euro follow s the third weakest for today together with Sterling. Eurozone PMIs and ECB meeting accounts will be watched today. Swiss Franc, on the other hand, is trading as the second strongest for today, next to Dollar. In other markets, US stocks closed mixed overnight. DOW lost -0.34% but NASDAQ gained 0.38%. S&P 500 didn't challenge a record high again and closed down -0.04%. 10 year yield also closed lower by -0.021 at 2.823. Asian markets are mixed too. At the time of writing, Nikkei is up 0.18% while Singapore Strait Times is up 1.46%. But Hong Kong HSI is down -0.72% and China Shanghai SSE is down -0.34%. Gold continues to lose upside momentum despite breaching 1200 yesterday. It's now back pressing 1190, with 1187.4 minor support insight. Technically, today's focus will be on whether Dollar has completed its pull back. AUD/USD"s break of 0.7295 minor support already indicates completion of rebound from 0.7201. Equivalent support at 1.1493 in EUR/USD and 1.2811 in GBP/USD will be watched. Also, if Gold breaks 1187.4, it will also mark the completion of rebound from 1160. |
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