 Yen and Dollar are trading as the strongest ones today as risk aversion intensifies again in European session. Stronger than expected Q3 GDP growth in the US is giving Dollar some support. But it's so far not enough to turn the tide with Yen. Commodity currencies are the weakest ones, led by New Zealand and then Australian Dollar. Euro and Sterling are actually not to far away. The markets are rather one-sided on Yen and Dollar. Technically, AUD/JPY's breach of 78.67 low suggests that medium term down trend from 90.29 is ready to resume. USD/CAD's break of 1.3132 resistance also turns near term outlook bullish. A focus before weekly close is whether US stocks will reverse all of yesterday's rebound to close at a new low. Also, if more selloff is seen in stocks, whether Dollar and Yen have enough momentum to close further higher. In other markets, major European stock indices are all in red. FTSE is down -1.10%, DAX down -1.17%, CAC is down -1.64%. German 10 year yield id down -0.0369 at 0.364. It was above 0.5 handle just 10 days ago. Italian 10 year yield is down -0.037 at 3.453, it pared back some earlier gains. Earlier in Asia, Nikkei closed down -0.40%, Singapore Strait Times dropped -1.35%, Hong Kong Kong HSI fell -1.11%, China Shanghai SSE lost -0.19. |
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