 Trade optimism pushed US stocks to new record highs overnight but markets are just mixed in Asia. While US and China held another trade phone calls, there is no clear sign of any breakthrough. In the currency markets, New Zealand Dollar is the strongest one today so far, lifted by much better than expected retail sales data. Australian Dollar recovers mildly, but it's indeed one of the weakest for the week at this point. Canadian Dollar is the worst performing, followed by Yen. technically, AUD/USD's breach of 0.6769 suggests resumption of decline from 0.6929. Further fall is now in favor to retest 0.6670 low. Euro looks vulnerable against Dollar, Yen and even Aussie. EUR/USD is eyeing 1.0989 support and break will resume the fall from 1.1175 to retest 1.0879 low. EUR/GBP is now close to 0.8521 temporary low. Break will resume recent decline from 0.9324 to 0.8472 key support. Further rise remains mildly in favor in EUR/AUD as long as 1.6202 minor support holds. But break will indicate completion of rebound from 1.5976, and turn bias to the downside for this support again. In Asia, Nikkei closed up 0.35%. Hong Kong HSI is down -0.20%. China Shanghai SSE is up 0.05%. Singapore Strait Times is down -0.22%. Japan 10-year JGB yield is down -0.0095 at -0.096. Overnight, DOW rose 0.68%. S&P 500 rose 0.75%, NASDAQ rose 1.32%. All were record closes. 10-year yield dropped -0.010 to 1.764. |
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