 The financial markets are rather quiet today. Asian stocks trade higher despite data showing China's growth in 2018 slowed to lowest since 1990. But December data painted a picture of stabilization. Also, there is optimism on US-China trade talks, despite a lack of detail on the progress. Meanwhile, Yen, Euro and Australian Dollar are the relatively stronger ones today so far. New Zealand Dollar, Sterling and and Dollar are the weakest. Focus will turn to UK Prime Minister Theresa May's Brexit plan B. Technically, USD/CHF is set to take on 0.9963 resistance. Decisive break there will confirm completion of correction from 1.0128 at 0.9716. And further rise would be seen back to retest 1.0128. EUR/USD stays weak even though downside momentum is diminishing. We'd still expect at least a take on 1.1307 minor support. The main question today is whether current Friday's dip in Sterling is just a retreat, or it's revering. For now, As long as 1.2668 minor support in GBP/USD and 0.8927 resistance in EUR/GBP hold, we'd favor more upside in the Pound first. In other markets, Nikkei closed up 0.26%. Hong Kong HSI is up 0.35%. China Shanghai SSE is up 0.41%. Singapore Strait Times is up 0.51%. Japan 10-year JGB yield is down -0.0053 at 0.009, still positive. |
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