 Sterling drops broadly today as poor PMIs suggest quarterly GDP contraction. Following the Pound, Swiss Franc is the second weakest for today, and then Dollar. On the other hand, commodity currencies are generally higher are sentiments recover mildly ahead of weekly close. The Loonie is also supported by slightly better than expected retial sales. For the week, Kiwi is the strongest, followed by Yen and then Dollar. Swiss Franc is the worst performer, then Aussie and Canadian. Technically, EUR/USD's breach of 1.1053 minor support suggests completion of recovery at 1.0989. Deeper fall is now mildly in favor to retest 1.0989. Despite the extended retreat in USD/CAD, it's held well above 1.3190 support, and further rise remains in favor. EUR/GBP's rebound from 0.8521 is extending higher and the case of short term bottoming is building up. Focus is back on 0.8676 resistance. In other markets, DOW is currently up 0.20%. 10-year yield is down -0-.0129 at 1.763. In Europe, FTSE is up 1.32%. DAX is up 0.31%. CAC is up 0.40%. German 10-year yield is down -0.0278 at -0.351. Earlier in Asia, Nikkei rose 0.32%. Hong Kong HSI rose 0.48%. China Shanghai SSE dropped -0.63%. Singapore Strait Times rose 1.05%. Japan 10-year yield rose 0.0304 to -0.080. |
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