 Dollar dips slightly against the Japanese Yen in early US session after weaker than expected inflation data. But loss is so far limited. And, the forex markets continue to lack a general, committed direction. Yen is trading as the strongest one for today so far, but upside is limited below yesterday's high. Aussie is trading as the second strongest, followed by Canadian Dollar. On the other hand, Sterling is the weakest one even though recent Brexit communications have been generally positive. The problem seems to be within the UK as there are rumors that some MPs are playing to oust Prime Minister Theresa May. Euro follows as the second weakest. But it should be noted that the picture could change drastically before daily close. In other markets, US stocks open the day nearly flat, with some weakest seen in NASDAQ. European indices are trading firmer today. At the time of writing, FTSE is up 0.21%, DAX up 0.18%, CAC up 0.71%. German 10 year bund yield fall slightly by -0.025 but stays above 0.4000 handle. Italian 10 year yield rises 0.033 but it kept well off 3.000. Crude oil is staying above 70 for now while gold is still struggling to reclaim 1200. Earlier today Asian markets closed mostly in red, with Nikkei down -0.27%, China Shanghai SSE down -0.33%, HSI down -0.29%. But Singapore Strait Times gained 0.47%. Technically, the levels to watch are basically unchanged. USD/JPY and USD/CHF weakens slightly today but remains close to 111.82 and 0.9766 resistance respectively. EUR/USD is holding in very tight range above 1.1525 support and thus, more upside is in favor. Despite losing much downside momentum, AUD/USD is held below 0.7131 minor resistance and favors more decline sooner rather than later. |
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