 Now, after Fed Chair Jerome Powell's testimony, a July Fed cut is more like a done deal than not. Dollar tumbled broadly overnight and selloff continues today. Euro is the second weakest as ECB will likely be a step ahead of Fed to announce additional stimulus this month. June's monetary policy accounts to be released today would confirm such expectations. Sterling is currently the third weakest. Asian stock markets are generally boosted by the expectations of Fed cut. Yet, Yen responds to fall treasury yields instead and surge across the board. Following Yen, New Zealand Dollar is currently the second strongest for today, followed by Swiss Franc. Canadian and Australian Dollars are mixed for the moment. Technically, Dollar should have topped in near term against Euro, Sterling and Australian Dollar. More importantly, USD/JPY recent rebound from 106.78 should have completed at 108.99 and retest of 106.78 low might be seen rather soon. A major focus now will be on 1.3037 support in USD/CAD. Sustained break there will carry larger bearish implications. In Asia, Nikkei closed up 0.49%. Hong Kong HSI is up 0.96%. China Shanghai SSE is up 0.21% but stays below 3000 handle. Singapore Strait Times is up 0.55%. Japan 10-year JGB yield is down -0.014 at -0.140. Overnight, DOW rose 0.29%. S&P 500 rose 0.45%. NASDAQ rose 0.75%. 10-year yield rose 0.007 to 2.061 (but it's back at 2.04 in Asia). | 
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