 Australian Dollar rebounds notably today as GDP data met market expectations while services data showed improvement. Though, upside is capped so far as RBA is still on track to another rate cut later in the year. Sterling is the second strongest after lawmakers cleared a hurdle to block no-deal Brexit. On the other hand, Yen and Swiss Franc weaken on rally in Asian stocks, in particular Hong Kong HSI. Looking ahead, focus will turn to Canada will BoC rate decision featured. Technically, Dollar should have made a temporary top against Euro, Sterling, Swiss Franc and Canadian, after yesterday's post ISM manufacturing pull back. Some more downside is likely for the near term. But there is no clear sign of short term topping yet. Similarly, Yen crosses are generally in recovery now and more upside is likely. But such recovers should be corrective and outlook in the Yen crosses will remain bearish. In Asia, Nikkei rose 0.12%. Hong Kong HSI is up 3.28%. China SSE is up 0.57%. Singapore Strait Times is up 1.13%. Japan 10-year JGB yield is down -0.0057 at -0.281. Overnight, DOW dropped -1.08%. S&P 500 dropped -0.69%. NASDAQ dropped -1.11%. 10-year yield dropped -0.040 to 1.466. |
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