 Yen takes the driving seat from Dollar today as markets could be turning into risk averse mode. The greenback is still firm and remains the second strongest for the week. But strong US durable goods orders is not giving it enough boost to extend this week's rally. On the other hand, Yen is picking up momentum as European stocks turn south, after notably decline in China. As for today, Yen is the strongest one, followed by New Zealand and than Canadian Dollar. Euro is the worst performing one, followed by Australian and then Sterling. For the week, Yen is the strongest, followed by Dollar and then Swiss Franc. Aussie is the weakest, then Kiwi and Euro. Technically, 111.69 minor support in USD/JPY will now be an important level to watch. Break there will at least indicate short term topping in the pair after failing to sustain above 112.13 resistance. That could be triggered by pull back in US stocks, given that both S&P 500 and NASDAQ are close to record highs. Though, even if that happens, Dollar will likely follow closely as a firm one, at least against Euro, Sterling, Canadian and Aussie. In Europe, currently, FTSE is down -0.66%. DAX is down -0.18%. CAC is down -0.40%. German 10-year yield is up 0.0007 at -0.009, still negative. Earlier in Asia, Nikkei rose 0.48%. Hong Kong HSI dropped -0.86%. China Shanghai SSE dropped -2.43%. Singapore Strait Times dropped -0.36%. Japan 10-year JGB yield rose 0.0069 to -0.029. |
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