 Be it NAFTA or United States-Mexico Trade Agreement, the markets global markets cheer the conclusion of the bilateral deal. DOW ended up 1.01% at 26049.54. S&P 500 and NASDAQ extended record runs, gained 0.77% to 2896.74 and 0.91% to 8017.909 respectively. Asian markets are also generally higher. At the time of writing, Nikkei is up 0.40%, Singapore Strait Times is up 0.96%, Hong Kong HSI is up 0.24%. But China Shanghai SSE is flat only. Gold is pressing 1210 as recent rebound is in progress. In the currency markets, Dollar recovers some ground today after yesterday's selloff. Euro follows as the second strongest for today, and then Canadian Dollar. Australian Dollar and New Zealand Dollar are the first and second weakest for today. For the week as a whole, Euro is overwhelmingly the strongest one followed by Canadian Dollar. Both are boosted by hope of trade deal with the US and material decrease in auto-tariffs threat. Aussie and Kiwi are also the weakest ones as they're passer-by in the current trade development. Yen also turns weaker following risk appetite finally. Technically, USD/CAD's break of medium term channel support carries some bearish implications And focus will be turned to 1.2879 fibonacci level. EUR/USD is on track to 1.1745 resistance as rebound from 1.1300 is still in good shape. Euro is indeed having solid upside momentum against Sterling and Yen too. GBP/USD and AUD/USD, however, are staying in familiar range. A recovery in Dollar could put 1.1798 in GBP/USD and 0.7237 in AUD/USD in to focus. |
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