 Following mild pull back in US equities overnight, Asian markets are mixed. Though, apparent weakness in China and Hong Kong stocks are dragging down Australian Dollar, which is the weakest one for today so far. Sterling is the next weakest as data showed retail sales suffered the worst June in decades. Dollar, Euro and Yen are the firmer ones. Trading in the currency markets are generally muted as focus remain on Fed Chair Jerome Powell's testimony, which starts tomorrow. He comments will, hopefully, clear the picture on whether Fed will cut interest rates this month. Technically, USD/JPY's breach of 108.80 suggests near term bullish reversal. But sustained trading above this resistance is needed to confirm. AUD/USD is back pressing 0.6956 support again and firm break will confirm completion of rebound from 0.6831. USD/CAD is still bounded in tight range around 1.3052/68 cluster support. It remains to be seen if such cluster support could be defended successfully. In Asia, currently, Nikkei is up 0.07%. Hong Kong HSI is down -0.74%. China Shanghai SSE is down -0.52%. Singapore Strait Times is up 0.04%. Japan 10-year JGB yield is up 0.0061 at -0.143. Overnight, DOW dropped -0.43%. S&P 500 dropped -0.48%. NASDAQ dropped -0.78%. 10-year yield dropped -0.014 to 2.034, staying above 2% handle. |
No comments:
Post a Comment