 The financial markets are pretty steady in Asian session today, digesting some of last week's wide moves. Asian markets are generally higher today, in particular, Chinese stocks shrug off poor PMI data and rebounded strongly. Gold is pressing 1600 handle, recovering mildly, while WTI oil is also back above 45. In the currency markets, Canadian and Australian Dollars are currently the strongest one for today, but New Zealand is the weakest. Yen and Dollar also generally softer. Technically, 1.1063 fibonacci resistance in EUR/USD is a focus today. We'd still expect it to hold to bring retest of 1.0777 low as next step. But sustained break there will be an early sign of bullish reversal and turn focus to 1.1239 high. There is no extended weakness in Aussie even though markets are increasing bet on an RBA cut this week. 0.6592 minor resistance in AUD/USD and 1.6827 minor resistance in EUR/AUD are the levels to indicate temporary bottoming, at least, in Aussie. In Asia, Nikkei closed up 0.95%. Hong Kong HSI is up 0.53%. China Shanghai SSE is up 3.08%. Singapore Strait Times is up 0.22%. Japan 10-year JGB yield is up 0.0297 at -0.124. |
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