 Risk sentiments generally stabilized after the late rebound in US stocks overnight. DOW hit as low as 24242.22 but closed at 24947.67. Down just -0.32%. S&P 500 also hit as low as 2621.53 but closed at 2695.95, down only -0.15%. NASDAQ even reversed and closed up 0.42% at 7188.26. Treasury yield, however, closed deeper lower with 10-year yield losing -0.048 to 2.876. In Asian, all major indices are trading in black at the time of writing. Nikkei is up 0.48%, Singapore Strait Times up 0.41%, Hong Kong HSI up 0.27%. China Shanghai SSE lags behind and is up 0.08% only. 10 year JGB yield also recovers and is back at 0.059. In the currency markets, Yen is trading as the weakest one for today, followed by Sterling and the Canadian. New Zealand Dollar is the strongest one for today, followed by Swiss Franc and then Australian. But for the week, Swiss Franc and Yen are overwhelmingly the strongest ones. Australian and Canadian are the weakest. The weekly picture is unlikely to change at close. Though, US non-farm payroll has the prospects to lift Dollar from the third weakest for the week to something better. Technically, EUR/USD and GBP/USD are still bounded in familiar range. USD/CHF breached 0.9908 support overnight but recovered quickly. USD/JPY also breached 112.30 but then recovered. USD/JPY is indeed recovering further in Asian session. Thus, overall, there is no clear weakness in Dollar yet. Traders are just cautious ahead of NFP. Australian Dollar is digesting this week's sharp losses. AUD/USD recovers after touching 0.7199. EUR/AUD retreats after touching 1.5871. These two levels will remain the focus for today. |
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