 Dollar continues to trade as the strongest one, riding on US-China agreement to put trade war escalation on hold. US stocks also follow global markets sharply higher, with DOW trading up over 1% at initial trading. Canadian Dollar follows closely as second strongest, with help from WTO oil's rally. Oil price is firstly lifted by the trade news. Secondly, OPEC and Russia agreed to extend production cut by nine months. Euro is the third strongest as unemployment rate dropped to record low of 7.5% in May. On the other hand, Yen and Swiss Franc are among the weakest on risk appetite. Australian Dollar ignore stocks' rally and is the second weakest, awaiting RBA rate cut tomorrow. Technically, for now, no important resistance level in Dollar is taken out firmly yet. And there is no confirmation of bullish reversal in the greenback despite today's rebound. As noted before, 1.1317 minor support in EUR/USD, 1.2642 support in GBP/USD, 0.9854 resistance in USD/CHF and 108.80 resistance in USD/JPY need to be taken out firmly, better together, to confirm Dollar strength. In Europe, currently, FTSE is up 1.27%. DAX is up 1.34%. CAC is up 0.81%. German 10-year yield is down -0.186 at -0.343. Earlier in Asia, Nikkei rose 2.13%. China Shanghai SSE rose 2.22%. Hong Kong HSI was on holiday. Singapore Strait Times rose 1.52%. Japan 10-year JGB yield rose 0.153 to -0.146. |
No comments:
Post a Comment