 The forex markets are pretty steady in Asian session today, staying inside yesterday's range. Over the week, Euro is currently the weakest one on poor economic outlook, with downgrades by European Commission. New Zealand dollar is second weakest after rise in unemployment rate. Sterling is the third weakest as two BoE officials unexpected voted for a cut yesterday, despite the central bank's hold. Dollar is the strongest one, lifted by trade optimism and rebound in treasury yields. 10-year yield took out 1.9 handle rather decisively overnight and could be heading back to 2% handle. Canadian and Australian Dollars are next strongest. Technically, USD/JPY's break of 109.31 resistance is taken as another sign of medium term bullish reversal. We'll see if it could sustain and close the week above this structural resistance. EUR/USD should have completed the rebound from 1.0879 low and is heading back to this level. USD/CHF's breach of 0.9970 resistance is taken as the first sign of rally resumption and focus is back on 1.0027. Now, to further affirm Dollar strength, USD/CAD should take out 1.3208 temporary top to resume rise from 1.3042. In Asia, currently, Nikkei is up 0.26%. Hong Kong HSI is down -0.67%. China Shanghai SSE is down -0.05%. Singapore Strait Times is down -0.88%. Japan 10-year JGB yield is up 0.0279 at -0.058. Overnight, DOW rose 0.66%. S&P 500 rose 0.27%. NASDAQ rose 0.28%. 10-year yield rose 0.112 to 1.926. |
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