Investor sentiments were given only and mild and brief boost by the massive fiscal stimulus of the US. Asian markets quickly reversed initial gains and pessimism over coronavirus pandemic wild likely continue in European markets too. As for currencies, Canadian dollar is currently the weakest one for today, as dragged down by oil prices, followed by Australia. For the week, Yen and Dollar remain the star performers while commodity currencies are weakest, as led by Aussie. Technically, WTI crude oil's break of 27.50.69 key support zone is worth a note. Sustained trading below there will confirm resumption of long term down trend that started back at 147.24 (2008 high). We'd then be looking at long term support zone between 10.65 and 17.12 made between 1998/2001. Sterling could also catch some attentions today. GBP/USD is now close to 1.1958 low, GBP/JPY close to 126.54 low and EUR/GBP relatively close to 9324 high. We'll see if the pound could stage a near term reversal from current levels. In Asia, Nikkei closed down -1.68%. Hong Kong HSI is down -2.66%. China Shanghai SSE is down -1.02%. Singapore Strait Times is up 0.12%. Japan 10-year JGB yield is up 0.042 at 0.050. Overnight DOW rose 5.20%. S&P 500 rose 6.00%. NASDAQ rose 6.23%. 10-year yield rose 0.0269 to 0.997, just missed 1% handle. |
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