 European majors are trading generally higher today, as led by Swiss Franc. Euro is also strong but to a lesser extend while Sterling just follows. On the other hand, Dollar is under some selling pressure, in particular after much weaker than expected manufacturing. It's yet another piece of data that points to slow down in the US. But for now, loss in the greenback is still limited, as traders are cautious ahead of FOMC rate decision, statement, and economic projections to be released on Wednesday. Technically, though, today's sharp fall in USD/CHF suggests that rebound from 0.9862 has possibly completed at 0.9989. 0.9911 minor support is now in focus and break will probably extend the correction from 1.0128 with another taken on 0.9484 key support. Meanwhile, USD/JPY's pull back from 113.70 is also extending lower and on acceleration it would head back to 112.23 support. In other markets, major European indices are all trading in red at the time of writing. FTSE is down -0.69%, DAX is down -0.94% and CAC is down -0.85%. German 10 year bund yield is up 0.010 at 0.258. Italian 10 year yield is up 0.014 at 2.958. German-Italian spread is now down to 269. Earlier today, Nikkei closed up 0.62%, Singapore Strait Times rose 1.21%. But Hong Kong HSI dropped -0.03% while China Shanghai SSE rose 0.16% only. Japan 10 year JGB yield rose 0.0006 to 0.035. |
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