 Euro enjoys a brief recovery after ECB stands pat on monetary. ECB President Mario Draghi expressed his confidence on inflation outlook due to underlying strength of the economy. But together with other European majors, the common currency is quickly under selling pressure again. Dollar is trading to rally in early US session but stays overwhelmed by Australian and New Zealand Dollar, which are the strongest. Swiss Franc and Canadian are the weakest ones for the moment. Technically, one development to note is that strong rebound in USD/CAD today. And the focus is back on 1.3132 resistance for the pair. AUD/USD has been very resilient so far despite risk aversion. Nonetheless, it's equally sluggish in rally attempt. We'd expect more downside in AUD/USD to 0.7040 should Dollar takes back the stage. In other markets, European stocks are mixed for the moment. FTSE is trading down -0.34%, DAX is down -0.08% but CAC is up 0.89%. German 10 year yield is flip-flopping around 0.4 handle. Italian 10 year yield, though is down slightly by -0.115 at 3.502. German-Italian yield spread is below Italian Economy Minister Giovanni Tria's 320 unsustainable level, but still well above 300. Earlier in Asia, Nikkei closed sharply lower by -822.45 pts or -3.72% to 21268.73. Hong Kong HSI lost -1.01% and Singapore Strait Times dropped -0.63%. But China Shanghai SSE staged late rebound to close "up" 0.02% at 2603.80, even reclaimed 2600 handle. On development to note is that Japanese 10 year JGB yield dropped for another day by -0.0206 to 0.114. It was above 0.15 just a few days ago. But such decline should be welcomed by BoJ, which set the allowed range for 10 year JGB yield to be -0.1 to 0.1%. | 
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