 Dollar and yen are staying in the driving seats for the week so far, on risk aversion. After the historic horrors of the May WTI oil contract, the markets are now into June contract, which is down at around 10. Asian markets are trading generally down, following the US. In the currency markets, Dollar and Yen remain the strongest ones for the week, followed by the resilient Euro. Sterling is currently the worst performing one, followed by Canadian Dollar. Technically, Euro continues to display much resilience in the markets. In particular, focus in on 0.8863 minor resistance in EUR/GBP. Break should confirm short term bottoming at 0.8681 and bring stronger rebound. EUR/AUD continues to trade in range above 1.7003 temporary low. Break of 1.7350 minor resistance will also suggest short term bottoming too. EUR/JPY is still defending 115.86/116.33 support zone. Break of 117.41 minor resistance will turn bias to the upside for stronger rebound too. In Asia, currently, Nikkei is down -1.57%. Hong Kong HSI is down -0.56%. China Shanghai SSE is down -0.16%. Singapore Strait Times is down -1.50%. Overnight, DOW dropped -2.67%. S&P 500 dropped -3.07%. NASDAQ dropped -3.48%. 10-year yield dropped -0.055 to 0.571. |
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