The forex markets remain in rather indecisive mode for now. Dollar buying attempted to take off yesterday, but quickly lost momentum. The greenback pares back some of yesterday's gains in Asian session. Similarly, there was no follow through selling in Australian and New Zealand Dollar so far. Yen is firm against European majors, without taking out near term support levels. Consolidative trading might continue before weekly close. Technically, after yesterday's decline, EUR/USD is still holding above 1.0926 low. Outlook stays bearish in the pair but firm break of 1.0926 is needed to confirm down trend resumption. Or recent consolidations would extend. Recoveries in USD/CHF and USD/JPY dampened the near term bearish view. Focus are back on 0.9983 and 108.47 temporary top respectively. EUR/GBP is also staying in tight range. Break of 0.8894 minor resistance will confirm short term bottoming and bring stronger rebound. In Asia, currently, Nikkei is up 0.28%. Hong Kong HSI is up 0.16%. China Shanghai SSE is down -0.73%. Singapore Strait Times is down -0.04%. Japan 10-year JGB yield is up 0.0186 at -0.239. Overnight, DOW rose 0.61%. S&P 500 rose 0.62%. NASDAQ rose 1.05%. 10-year yield rose 0.097 to 1.732. |
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