 Dollar's rally extended overnight, following record close in S&P 500 and mild recovery in treasury yields. The greenback is retreating some gains for now. But with near term resistance against European majors broken, further rebound is now mildly in favor. Though, Dollar will still need to survives tests from ISM services and non-farm payroll later in the week. Australian Dollar is so far the strongest one for today, despite RBA's rate cut. The move was widely expected and without turning more dovish, traders are turning to the sideline first. On the other hand, New Zealand Dollar is the weakest one, as dragged by rebound in AUD/NZD. Technically, with 1.1317 support in EUR/USD, 1.2642 support in GBP/USD and 0.9854 resistance in USD/CHF broken, Dollar is likely bottomed out in near term. Though, we'd still prefer to see 108.80 resistance in USD/JP, 1.3151 resistance in USD/CAD and 0.6941 support in AUD/UD taken out too to confirm. In Asia, Nikkei rose 0.11%. China Shanghai SSE closed down -0.04%. Hong Kong HSI is up 1.29%, back from holiday. Singapore Strait Times is down -0.28%. Japan 10-year JGB yield is flat at -0.145. Overnight, DOW rose 0.44%. S&P 500 rose 0.77% to 2964.33, new record. NASDAQ rose 1.06%. 10-year yield rose 0.034 to 2.034. |
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