 The forex markets are trading steadily today, as another week starts as usual. Major pairs and crosses are so far still bounded in Friday's range. It seems that traders took the news regarding escalation in US-China trade war rather lightly. Or, it's actually widely expected that no matter his colleagues say, Trump is going to march on with tariffs war. For now, New Zealand Dollar is the strongest one, followed by Euro and then Yen. Canadian Dollar is the weakest, followed by Dollar and then Swiss Franc. But this picture could easily change, and drastically, as volatility kicks in. In other markets, Asian markets are generally lower, with exception of Nikkei which is on holiday. Singapore Strait Times is down -0.65%, Hong Kong HSI is down -1.58% at the time of writing. China Shanghai SSE is losing -1.06% at 2653.15. Last week's low at 2647.17 is a level SSE would challenge soon. But the key level lies in 2638.30, 2016 low. Gold is bounded in tight range at around 1195. As long as 1187.58 support holds, recent rebound from 1160.36 is still in favor to extend through 1214.30 at a later stage. Technically, the key development to watch is whether Dollar would extend Friday's rebound to build up some momentum. EUR/USD is in the middle of range of 1.1525/1733. AUD/USD is inside 0.7084/7228. USD/CHF is inside 0.9633/9757. For now, it's hard to tell which side Dollar would take on first. |
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