Markets are generally steady so far today. The panic selloff overnight in the US wasn't carried through to Asia. DOW had another worst day since Black Monday, getting practically no support from Fed's all-in easing. In the currency markets, major pairs and crosses are staying inside yesterday's range for now. Yen, Euro and Swiss Franc remain the strongest while Australian Dollar is leading commodity currencies lower. Technically, gold is attempting a recovery after hitting as low as 1451.16, but struggling to stand above 1500 handle. Corrective fall from 1703.28 is still in progress. Gold could target key cluster level at 1365.26, 61.8% retracement of 1160.17 to 1703.28 at 1367.63, before bottoming. EUR/USD's recovery appears to be limited below 1.1250 minor resistance. Further fall is mildly in favor through 1.1055 temporary low. Both development could revive strength in Dollar. In Asia, Nikkei closed up 0.06%. Hong Kong HSI is up 0.38%. China Shanghai SSE is down -0.34%. Singapore Strait Times is down -0.47%. Japan 10-year JGB is down -0.0016 at 0.009. Overnight, DOW dropped 2997.10 pts or -12.93%. S&P 500 dropped -11.98%. NASDAQ dropped -12.32%. 10-year yield dropped -0.223 to 0.728. |
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