Canadian Dollar rises slightly higher after Prime Minister Justin Trudeau cling on to power following election wing. His Liberal Party had won, or were leading in 155 out of 338 seats in the parliament. That was short of the 170 seats needed to take majority and the Liberal might need support from others to push through key legislations. Yet, the results should bring some political stability for now. Staying in the currency markets, New Zealand Dollar is currently the strongest one, followed by Sterling. The Pound will look into the Second Reading vote of the new Brexit deal. This will be the moment of truth for Prime Minister Boris Johnson and Sterling. At this point, Swiss Franc is the weakest for today, followed by Dollar. Technically, USD/CAD is on track to retest 1.3016 low as current decline from 1.3382 is extending. CAD/JPY is looking at 83.23 resistance to confirm completion of recent correct pull back from 85.23. NZD/JPY's break of 69.68 resistance today confirms resumption of whole rebound from 66.31 low. EUR/USD, GBP/USD, AUD/USD and USD/CHF all show loss of downside momentum in Dollar in 4 hour MACD. We'll see if Dollar can stage a rebound from here. In Asia, Nikkei rose 0.25%. Hong Kong HSI is up 0.18%. China Shanghai SSE is up 0.13%. Singapore Strait Times is up 0.87%. Japan 10-year JGB yield is up 0.0144 at -0.135. Overnight, DOW rose 0.21%. S&P 500 rose 0.69%. NASDAQ rose 0.91%. 10-year yield rose 0.045 to 1.792. |
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