 The case for bullishness in Dollar continued to build up with yesterday's rally. The greenback is now the strongest one for the week followed by Sterling. In particular, USD/JPY's firm break of 113.17 resistance confirmed larger up trend resumption. Now, GBP/USD is the only one who's yet to break 1.3042 minor support. Swiss Franc remains the weakest one for the week and there is no sign of a turnaround. Even though Australian and New Zealand Dollar recover in Asia, they are the favorite the end the week as the second weakest. In other markets, US stocks ended higher overnight. DOW gained 0.21%, S&P 500 rose 0.28% and NASDAQ added 0.65%. Long term treasury yields were soft with 10 year yield closed down -0.005, 30-year yield down -0.008. In Asian, Nikkei is currently up 1.25%, Hong Hong HSI up 1.73%, China Shanghai SSE Up 0.93 and back above 2800, Singapore Strait Times up 1.17%. 10 year JGB yield is up slightly at 0.124. Gold stays weak at 1183 after breaking 1187.58 near term support yesterday. It should be heading back towards 1160.36 low in near term. Technically, 1.3042 minor support in GBP/USD is a level to watch today, to see when the pair catches up with other Dollar pairs. Or instead, GBP/USD will recover ahead of this level again as the greenback pares gains before weekly close. PCE inflation data from US might be the trigger for the moves. |
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