Dollar is trading with a firm tone as markets await non-farm payrolls report from the US. Bet on a Fed rate cut by June receded this week, currently a 36.6% as indicated by fed fund futures, as stocks extended record runs. A set of solid job data could give the greenback another lift to have a strong close. It's currently the second strongest next to Australian Dollar, only because the latter suffered a lot last week. Meanwhile, Sterling remains the weakest one for the week, followed by Yen and Swiss Franc. Technically, EUR/USD's break of 1.0992suggestes resumption of fall from 1.1239. It also reaffirm the case that consolidation pattern from 1.0879 has completed. Retest of this 1.0879 low should be seen next. AUD/USD seems to be rejected by 0.6777 resistance and is heading back to 0.6670 low. Break there will remain larger down trend. USD/JPY and EUR/JPY would be two pairs to watch this week. The former lost upside momentum ahead of 110.28 key resistance. The latter also lose upside momentum ahead 121.26 minor resistance. We might seen deeper retreat today should investors take profits from their long stock position ahead of the weekend. In Asia, Nikkei closed down -0.19%. Hong Kong HSI is down -0.52%. China Shanghai SSE is up 0.33%. Singapore Strait Times is down -1.52%. Japan 10-year JGB yield is down -0.0243 at -0.039. Overnight, DOW rose 0.30%. S&P 500 rose 0.33%. NASDAQ rose 0.67%. 10-year yield dropped -0.005 to 1.644. |
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