Dollar turns into consolidation in Asian session but it's able to maintain most of this week's gain. The greenback's fate remains heavily dependent on whether Fed will cut interest rates later in the month. Strong economic data so far argue against a move. Yet, it seems they're not strong enough to convince FOMC members to dismiss the chance of a move. On the other hand, European majors are staying as the worst performing ones. Euro is weighed down by poor data that reaffirm ECB's easing stance. Sterling is pressured by renewed no-deal Brexit fear. Technically, GBP/USD is in proximity to 1.2391 key support (2019 low). Firm break there will resume down rend from 1.4376 (2018 high). EUR/USD is also eyeing 1.1193 temporary low. Break will bring 1.1107 (2019 low) into focus. USD/CAD is stuck in tight range for now. Canadian CPI would be the trigger for the Loonie to finally confirm medium term bearish reversal in USD/CAD. In Asia, Nikkei closed down -0.31%. Hong Kong HSI is down -0.27%. China Shanghai SSE is down -0.26%. Singapore Strait Times is up 0.01%. Japan 10-year JGB yield is down -0.0012 at -0.121. Overnight, DOW dropped -0.09%. S&P 500 dropped -0.34%. NASDAQ dropped -0.43%. 10-yer yield rose 0.030 to 2.122. |
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