 Asian markets soften generally, having no follow through actions the strong but limited rebound in the US overnight. On the one hand, investors are disappointed by the lack of concrete announcement from US on coronavirus relief. On the other hand, the coronavirus outbreak continues to accelerate globally. Number of cases in Italy broke 10k level to 10149 while Iran jumped to 8042. Europe continues to be a big risk with France (1784 cases), Spain (1695), Germany (1565). USA also breaks 1k to 1010 cases. In the currency markets, commodity currencies remain the weakest ones this week, as now led by Canadian. Yen and Swiss are strong on risk aversion, with Euro in between as the new safe haven. Dollar is mixed together with Sterling. Technically, AUD/USD and NZD/USD are worth a watch today as focus turns to February lows at 0.6433 and 0.6191 respectively (this week's spikes are disregarded). Break of these levels should finally confirm down trend resumption. EUR/GBP is still indecisive ahead of 0.8786 resistance. Today's data might provide a push for make or break. In Asia, Nikkei closed down -2.27%. Hong Kong HSI is down -0.52%. China Shanghai SSE is down -0.54%. Singapore Strait Times is down -1.16%. Japan 10-year JGB yield is down -0.0258 at -0.067. Overnight, DOW rose 4.89%. S&P 500 rose 4.94%. NASDAQ rose 4.95%. 10-year yield rose 0.249 to 0.748. |
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