 Dollar firms up mildly today as all eyes are on FOMC rate decision. A rate cut has turned from being a done to deal to debatable, based on market pricing. While a cut is still generally expected, the greenback could be supported if Fed signals that the door for further mid-cycle adjustment is closed. Over the week, Dollar is only outshone slightly by Canadian Dollar, which is lifted by oil prices. Staying in the currency markets, commodity currencies are generally in pressure today, while Euro and Swiss Franc are firmer. Technically, GBP/USD and GBP/JPY are extending recent rebound but momentum is weak. Both are pressing important near term fibonacci levels. Thus, we'd stay cautious on topping. EUR/USD and AUD/USD are both staying in consolidations, awaiting Dollar's direction. USD/CHF is pressing 0.9975 key near term resistance, and solid break there will be an important sign of Dollar strength. In Asia, Nikkei is down -0.15%. Hong Kong HSI is down -0.10%. China Shanghai SSE is up 0.43%. Singapore Strait Times is down -0.41%. Japan 10-year JGB yield is down -0.025 at -0.176. |
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