 The forex markets are staying in quiet consolidative mode today. Sterling trades generally higher and is the strongest one for the time of writing. But the momentum is nothing more than that we see inside corrective trading. That is, rather weak, without follow through. Swiss Franc follows as the second strongest while commodity currencies are soft against all. Still, all major pairs and crosses are bounded in Friday's range, with the except of GBP/USD. In other markets, European stocks are in positive mood today. FTSE is trading up 0.4%, DAX up 1.07% and CAC up 0.67%. Bond markets also show some calmness with 10 year German bund yield up 0.0012 at 0.308. Italian 10 year yield is down -0.037 at 3.085. Earlier today, Nikkei closed down -0.32% while Singapore Strait Times lost -0.15%. But China Shanghai SSE rose 1.1% to 2698.47, can't get hold of 2700. Hong Kong HSI rose 1.41%. Gold hits as high as 1189.79 but struggles to get through 1190. WTI crude oil staying soft at 65.70. Technically, one notable development is that USD/CAD is recovering just ahead of 1.3049 near term support. While a break of 1.3049 could trigger some sequential bearish consequences, defending this level will maintain near term bullishness. The development is worth a watch. Nonetheless, Dollar is staying in corrective retreat against Euro and Sterling and that could limit its rebound. Meanwhile, USD/CHF, USD/JPY EUR/JPY and GBP/JPY are bounded in established range and there is no clear sign of breakout yet. |
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