 Overall, market sentiments stabilized today as started in Asian session. With the help of rebound in Asian and strengthen Europe, US stocks are set to open higher to pare some of yesterday's steep losses. As a result, New Zealand and Australian Dollar are the strongest ones for today so far, followed by Euro. The common currency is rather resilient today even though European Commission has started step one in preparation for disciplinary action on Italy over its budget. On the other hand, Yen turns weaker, followed by Dollar and then Sterling. The greenback is weighed further down by disappointing US data. Technically, despite breaching 113.09 minor resistance, USD/JPY quickly retreats. EUR/USD also recovers back above 1.14. For now, there is no sign of a sustainable comeback in Dollar yet. Indeed, AUD/USD is now quietly turning focus back to 0.7314 key resistance. Sustained break there will carry medium term bullish implications. In Europe, at the time of writing, FTSE is up 1.10%, DAX is up 0.98%, CAC is up 0.56%. German 10 year yield is up 0.0094 at 0.364. Italy 10 year yield is down -0.111 at 3.507. German-Italian spread remains above 310. In Asia, Nikkei close down -0.35%. But Hong Kong HSI, China Shanghai SSE and Singapore Strait Times were all up, by 0.51%, 0.21% and 0.39% respectively. Japan 10 year JGB yield dropped -0.0094 to 0.094, back below 0.1%. |
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