 Dollar received no support from better than expected ADP employment data. Instead, it's weighed down by dovish comments from a Fed official. The greenback is trading as the second weakest for today in early US session. It's just slightly better than Sterling, which continues to be pressured by Brexit uncertainties. Yen pared back much of the "flash crash" gains but remains the strongest one for today, thanks to risk aversion. It's now followed by Canadian Dollar as the second strongest, as WTI crude oil is back at 47.5, trying to extend recent rebound. European stocks are weighed down by Apple's revenue downgrade and worries over China's slow down. At the time of writing, DAX is down -0.89% while CAC is down -0.81%. But FTSE reversed earlier loss and is up 0.12%. German 10 year yield is up 0.0092 at 0.177, much better than yesterday's low of 0.150. Earlier in Asia, Hong Kong HSI closed down -0.26%, China Shanghai SSE dropped -0.04%, Singapore Strait Times dropped -0.86%. Focus will now turn to US markets. Technically, Yen and Aussie pairs are in consolidation after earlier spike move. Such consolidation should extend for a while. EUR/USD is staying in range of 1.2700/1496. USD/CHF is in range of 0.9789/9963. EURGBP back in range of 0.8927/9086 despite a brief rally attempt. Breakouts are still being awaited. USD/CAD's sharp fall today and break of 1.3566 now suggests short term topping ahead of 1.3685 fibonacci level. Deeper pull back is now in favor in the near term. |
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