 Dollar tumbled steeply overnight on Fed chair Jerome Powell's awkward dovish turn. Within a matter of weeks, interests rate went from being "long way from" to "just below" neutral. Markets took that as a sign Fed is nearing a pause in the current hike cycle. DOW staged a decisive 617.7 pts or 2.50% rally. Minutes of November FOMC minutes could reveal whether Powell has turned during that meeting. Plus, we might see whether other policymakers thought interest rate was just below neutral. The greenback stays weak in Asian session and fresh selling is seen after lunch. On the other hand, Yen is surprisingly picking up some buying together with Swiss Franc and Euro. For the week, though, Yen is the weakest one, followed by Canadian Dollar. Kiwi and Aussie are the strongest. Technically, more downside is now in favor in Dollar for the near term, except versus Canadian. In particular, 1.1472 resistance in EUR/USD, while far, is a key resistance level to watch. Break could complete a head and shoulder bottom pattern and indicate reversal in the pair. AUD/UD is now back pressing 0.7314 and sustained break will also indicate bullish reversal. In other markets, major US indices recorded solid gains overnight. DOW rose 2.5%, S&P 500 jumped 2.30% and NASDAQ gained 2.95%. Treasury yields were mixed though. Five-year yield closed down -0.029 at 2.856. 10-year yield dropped -0.011 to 3.044. But 30-year yield rose 0.010 to 3.329. Asian markets followed with Nikkei trading up 0.69%, China Shanghai SSE up 0.28% and Singapore Strait Times up 0.83% at the time of writing. But Hong Kong HSI is down -0.13%. | 
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