 Yen and Sterling are the two strongest ones today, but what they're doing are very different. Yen is extending this week's rebound. But Sterling is paring back Brexit triggered losses. Meanwhile, commodity currencies turned generally weaker as they're paring some of recent gains. Overall, after a rather volatile week, traders are readjusting their positions. Trade could be rather subdued before weekly close, barring any more surprises. Technically, most pairs and crosses are staying in familiar range without any change in outlook. Even GBP/USD is holding above 1.2692 minor support, not to mention 1.2661 low. EUR/USD, USD/CHF, USD/CAD and AUD/USD are staying in consolidations. The main question is whether USD/JPY would finally take out 112.94 support to confirm near term reversal. In other markets, major indices are trading in red at the time of writing. FTSE is down -0.62%, DAX down -0.39% and CAC down -0.55%. German 10 year yield is up 0.007 at 0.369. Italian 10 year yield is down -0.033 at 3.416. But German-Italian spread is still above 300. Earlier in Asia, Nikkei stayed decoupled with other major Asian markets and dropped -0.57%. Hong Kong HSI closed up 0.31%, Shanghai SSE up 0.41%, Singapore Strait Times up 0.95%. |
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