 Fed's all-in easing, together with RBNZ and BoJ stimulus, provide no apparent support to market sentiment. Number of coronavirus cases continued to skyrocket, breaking 170,000 level today. More importantly, deaths totals hit 6,680. Selloff intensifies in European session with FTSE, DAX and CAC breaking through Friday's spike low. US futures also point to another deep down open. But it remains to be seen if DOW and S&P 500 would break through last week's lows. In other markets, crude oil is back below 30 but stays above recent low at 27.50. But gold's decline is accelerating below 1500 handle. In the currency markets, commodity currencies remain the weakest ones, as led by Australian Dollar now. Yen and Swiss Franc are the strongest, followed by Euro and Dollar. USD/CHF's breach of 0.9411 minor support suggests that recovery form 0.9818 has completed. Deeper fall is in favor to retest 0.9181 support. Correspondingly, we might see a break of 1.1250 resistance in EUR/USD to turn bias back to the upside for 1.1496 resistance. In Europe, currently, FTSE is down -7.30%. DAX is down -9.56%. CAC is down -11.04%. German 10-year yield is up 0.029 at -0.515. Earlier in Asia, Nikkei dropped -2.46%. Hong Kong HSI dropped -4.03%. China Shanghai SSE dropped -3.40%. Singapore Strait Times dropped -5.25%. Japan 10-year JGB yield rose 0.0244 to 0.012. |
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