 The financial markets are pretty directionless and traders await vote on no-deal Brexit in the UK parliament. Sterling remains the strongest one for now on recovery. But upside is limited below near term resistance against other major currencies. That is, the Pound is merely gyrating in recently established range. Canadian Dollar follows as the second strongest, as WTI crude oil jumps to as high as 58.01, resuming recent up trend. Nevertheless, other commodity currencies are left behind with New Zealand and Australian Dollar as the weakest ones. Technically, an immediate focus will be on 1.3301 in USD/CAD. Break there will dampen the original view of bullish reversal. Instead, that will signal that USD/CAD has completed recent rebound from 1.3068 and deeper fall could be seen back to 1.3112 support. GBP/USD, EUR/GBP and GBP/JPY staying in familiar range. We're expecting sustained breakout today, unless UK votes for no-deal Brexit. In other markets, FTSE is currently up 0.21%. DAX is up 0.02%. CAC is up 0.50%. German 10-year yield is up 0.015 at 0.068. Earlier in Asia, Nikkei dropped -0.99%. Hong Kong HSI dropped -0.39%. China Shanghai SSE dropped -1.09%. Singapore Strait Times dropped -0.52%. Japan 10-year JGB yield dropped -0.0151 to -0.045. US PPI rose 0.1% mom, 1.9% yoy in February, versus expectation of 0.2% mom, 1.9% yoy. Core PPI rose 0.1% mom, 2.5% yoy, versus expectation of 0.2% mom 2.6% yoy. Durable goods orders rose 0.4% in January, above expectation of -0.5%. Ex-transport orders dropped -0.1%, below expectation of 0.1%. |
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