 Dollar remains soft in mixed, quiet market in Asia. Trading is subdued, on holiday mood, with no reaction to Chinese data, nor the surprised PBoC RRR cut. Calendar is light today too, with PMI manufacturing final reading from, Eurozone, UK and US. There is little change in the weekly picture that Sterling is currently the strongest, followed by Canadian and then Yen. Dollar is the weakest one, followed by New Zealand Dollar and then Euro. Technically, Sterling's rebound is looking more promising now. GBP/USD, currently at around 1.3240, is on track to extend the rise from 1.2905 to retest 1.3514 resistance. GBP/JPY's rebound from 141.15 also resumed after brief set back, and is targeting 147.95 high. EUR/G also breaks 0.8476 minor support, indicate that recovery from 0.8276 has completed at 0.8591. USD/JPY would be a focus for the rest of the week as it's eyeing 108.27 support. As long as this support holds, we'd still expect larger rebound from 104.45 to extend through 109.72 at a later stage. But decisive break will suggest near term bearish reversal. That would also align near term bearish outlook with Dollar pairs. In Asia, Japan is on holiday. Hong Kong HSI is up 1.00%. China Shanghai SSE is up 1.48%. Singapore Strait Times is up 0.46%. |
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