 Dollar's decline slowed today, ahead of FOMC rate decision. But there is so far no momentum for a sustainable rebound. It's like trading mixed as a bystander for now. Instead, major movements are found in Euro and Sterling, which start to weaken mildly. Euro is somewhat weighed down by European Commission's new forecasts. The Pound, on the other hand, starts to lose steam as there is no positive Brexit news to give it another lift. Australian Dollar remains the strongest one for today but it's now followed by Canadian Dollar, which is having a comeback. Technically, some pairs are clearly losing momentum just ahead of key resistance levels. Those include AUD/USD ahead of 0.7314, EUR/JPY ahead of 130.20 and GBP/JPY ahead of 149.70. It's a bit early to tell but these pairs could be building up a turnaround. Considering FOMC as background, USD/CHF and USD/JPY and USD/CAD are worth a watch today. All three are bounded in tight range this week, below 1.0094, 113.81 and 1.3170 resistance respectively. The pullbacks are all rather shallow in these three. In case of a Dollar comeback, these three may move first. In other markets, European indices are mixed for the moment. FTSE is up 0.39% but DAX is down -0.16% and CAC is down -0.12%. German 10 year yield is up 0.0018 at 0.452. Italian 10 year yield is up 0.066 at 3.408. German-Italian spread stays below 300 for now. Major Asian indices closed higher except China. Nikkei gained 1.82%, Hong Kong HSI rose 0.31% and Singapore Strait Times added 0.91%. But China Shanghai SSE dropped -0.22%. Gold failed to stay above 1235 this week and it's now back pressing 1220. |
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