Commodity currencies trade broadly lower today as risk appetite lost momentum. Major US indices reversed earlier gains to close mildly lower. Asian stocks generally follow with the exception of Singapore. Aussie is also weighed down by deteriorating consumer sentiment. Swiss Franc and Yen gearing up some momentum but for now, Euro and Dollar are not too far behind. Activity could be subdued with a very light European session. ECB President Mario Draghi is scheduled to speak but he isn't expected to say anything different from his press conference less than a week ago. Technically, EUR/AUD's rally continues today and is on track to 1.6410 projection level. AUD/USD's downside momentum is not too convincing. But it should still be heading back towards 0.6864 low. USD/CHF, USD/JPY and USD/CAD are staying in near term consolidations. But all three pairs remain bearish for now. US CPI could be the trigger for downside breakout later in the day. At the same time, gold is back at 1332 after drawing support from 1320 handle. It's probably heading back to 1347 resistance. In Asia, currently, Nikkei is down -0.09%. Hong Kong HSI is down -1.59%. China Shanghai SSE is down -0.57%. Singapore Strait Times is up 0.18%. Japan 10-year yield is up 0.0052 at -0.105. Overnight, DOW reached as high as 26248.67 but closed down -0.05% at 26048.51. S&P 500 dropped -0.03%. NASDAQ dropped -0.01%. 10-yer yield dropped -0.003 to -2.140. |
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