Yen is making a strong come back today and surges broadly. Investors are clearly unhappy with the lack of concrete progress with US-China trade negotiations. Sterling follows as the second strongest but it's just recovering some of this week's losses. Never-ending Brexit uncertainty is weighing on the Pound. Dollar regains much strong and is the third strongest for today. Australian Dollar and New Zealand Dollar are the weakest ones. For the week, New Zealand Dollar is so far still the strongest one, rather resilient, as supported by RBNZ. Dollar takes up the second place from Aussie and the latter's strengthen is fading quickly. Sterling remains the weakest one for the week, followed by Swiss Franc and then Yen. The is prospect for Franc and Yen to end higher should risk sentiments deteriorate further before weekly close. Technically, Yen crosses are worth a watch today. USD/JPY is heading back to 110.00 resistance turned support. Break will be a strong indication on near term bearish reversal. Meanwhile, EUR/JPY will eye 24.17 support. GBP/JPY is also heading back to 140.62 support. Break of these two levels could prompt more broad based buying in Yen. In other markets, Nikkei closed down -1.13%. Hong Kong HSI dropped -2.03%. China Shanghai SSE dropped -1.37%. Singapore Strait Times is currently down -0.68%. Japan 10-year JGB yield is down -0.009 at -0.02, staying negative. |
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