 Australian and New Zealand Dollar are trading as the weakest ones today. Nikkei's sharp, over -2% decline led Asian markets lower. Risk aversion is popping up the Japanese Yen. For today, Canadian Dollar is the second strongest, followed by Dollar. For the week, though, Sterling is the worst performing one so far as UK Prime Minister Theresa May failed to calm the markets with her parliamentary session. Euro is mixed as Italy budget concerns weigh. Overnight, DOW closed down -0.50% at 25317.41, showing no reaction to Trump's unsubstantiated tax cut claim. S&P 500 lost -0.43%. But NASDAQ eked out small gain of 0.26%. Treasury yields were relatively steady, with 10 year yield closed down -0.001 at 3.383. In Asia, Nikkei is currently down -2.3%, or -522.9 pts. Hong Kong HSI follows and is down -2.18% or -571.3 pts. China Shanghai SSE is down -1.27% and Singapore Strait Times is down -1.05%. Technically, AUD/USD's solid break of 0.7088 minor support now suggests that recent down trend might be ready to resume. Retest of 0.7040 low should be seen soon. Other dollar pairs are generally in consolidative mode. While USD/JPY extend the rebound from 111.62, upside momentum has been very unconvincing. USD/CAD also faced resistance from near term falling channel and turned sideway. GBP/JPY will be a pair to watch today as it breached 145.81 temporary low already. 145.67 key structural support is in radar. |
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