Australian Dollar drops broadly after RBA cut interest rate as widely expected. The central bank also maintains easing bias, suggesting that the easing cycle might not be over yet. Poor housing data also weight on sentiments. New Zealand Dollar is following as second weakest and then Japanese Yen. On the other hand, Dollar is currently the strongest one, followed by Canadian and then Sterling. Technically, USD/CHF's break of 0.9975/83 resistance zone is a solid sign of near term bullishness. Further rally should be seen towards 1.0237 high. EUR/USD is extending medium term down trend to 1.0813 fibonacci level. AUD/USD is on track to retest 0.6677 low. Decisive break there will resume medium term down trend too. In Asia, China and Hong Kong are on holiday. While China is celebrating its 70th anniversary, large scale protest continues in Hong Kong, with a peaceful march involving hundreds of thousands of people. Nikkei is currently up 0.72%. Singapore Strait Times is up 1.04%. Overnight, DOW rose 0.36%. S&P 500 rose 0.50%. NASDAQ rose 0.75%. 10-year yield was flat at 1.675. |
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