 Sterling rises broadly today as recession risk recede after better than expected GDP data. While it's unsure whether growth could sustain, the Pound cheers the improved outlook anyway. At this point, Australian Dollar is second strongest, followed by New Zealand Dollar. On the other hand, Swiss Franc is the weakest one, followed by Yen and then Dollar. Technically, both GBP/USD and GBP/JPY extend last week's rebound and further rise should be seen. Focus will be on whether 1.2502 and 135.07 would hold on next rises. More importantly, EUR/GBP will be facing 0.8891 cluster support. For, we'd still expect this support to hold to bring rebound. But decisive break will extend the fall from 0.9324 to 0.8797 fibonacci level and possibly below. In Europe, FTSE is down -0.69%. DAX is up 0.39%. CAC is down -0.13%. German 10-year yield is up 0.0365 to -0.597, back above -0.6 handle. Earlier in Asia, Nikkei rose 0.56%. Hong Kong HSI dropped -0.04%. China Shanghai SSE rose 0.84%. Singapore Strait Times rose 0.06%. Japan 10-year JGB yield dropped -0.0107 to -0.255. |
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