 The forex markets are trephining in rather tight range today. Dollar turned mixed overnight after poor ISM manufacturing data. Chance of another Fed cut in October, as priced in by fed fund futures, rose to 63.1%. But outlook could change drastically with upcoming data, including ADP jobs today, ISM services tomorrow and non-farm payrolls on Friday. The greenback remains the third strongest for the week for now, following Canadian and then Yen. Australian Dollar remains the weakest, followed by New Zealand. Technically, Swiss Franc is one that's worth a watch today. Intraday bias in USD/CHF turned neutral after yesterday's sharp retreat. But rebound from 0.9659 is still in favor to continue as long as 0.9843 support holds. EUR/CHF's recovery could have completed at 1.0921 already and focus is back on 1.0811 low. EUR/USD, on the other hand, has formed a temporary low and some consolidation is likely for today. AUD/USD recovers mildly after breaching 0.6677 low. But as long as 0.6739 minor resistance holds, medium term down trend is on track to resume. In Asia, currently, Nikkei is down -0.58%. Hong Kong HSI is down -0.27%. China is still on holiday. Singapore Strait Times is down -1.01%. Japan 10-year yield is down -0.0044 at -0.155. Overnight, DOW dropped -1.28%. S&P 500 dropped -1.23%. NASDAQ dropped -1.13%. 10-year yield dropped -0.031 to 1.644. |
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