 The forex markets are rather quiet in Asian session today, with the exception of some notable weakness in Canadian Dollar. Euro is so far the weakest one but it's kept above yesterday's low. Sterling follows as second weakest together with Loonie. On the other hand, Dollar, Australia and New Zealand Dollar are the strongest one so far. Aussie is in consolidation after last week's steep selloff. As there is no dovish surprise in RBA statement, Aussie will likely be supported for some more sideway trading in near term. In other markets, Asian stocks stabilized from yesterday's weakness and tread water today. At the time of writing, Nikkei is down -0.14%, China Shanghai SSE is down -0.06%, Hong Kong HSI is up 0.03%, Singapore Strait Times is down -0.08%. 10 year JGB yield is down -0.0066 at 0.113, which is firm. WTI crude oil continues to hover just around 70 handle. Gold dips back below 1200 as consolidation continues. But loss is very limited. Technically, USD/CAD's breach of near term channel resistance suggests that corrective fall from 1.3385 might be completed at 1.2886 already. Focus will be on 1.3173 resistance today for confirmation of this bullish implication. GBP/JPY breached 142.81 support but there is no follow through selling yet. GBP/USD is also held above 1.2844 equivalent support. UK construction PMI will probably provide the trigger for making or breaking this level. |
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