Despite extended stock rally in the US overnight, Asian markets turned mixed. Renewed weakness in oil price is a factor weighing on sentiments, as WTI crude oil is down at 11 handle, threatening 10 handle again. Gold also dips below 1700 handle, as Dollar is trying to recover. For the week so far, Aussie remains the strongest one, followed by Sterling. New Zealand Dollar is the worst performing on RBNZ rate cut expectations, followed by Swiss Franc. Technically, Gold's break of 4 hour 55 EMA should confirm rejection by 1747.75 resistance Consolidation from there is extending with another falling leg towards 1644.67 resistance turned support. USD/JPY is holding above 106.91 support so far, but this level remains vulnerable. Break will resume whole decline from 111.71. Such development, if happens, might drag EUR/JPY through 115.54 temporary low in EUR/JPY and 131.90 temporary low in GBP/JPY. In Asia, Nikkei is down -0.25%. Hong Kong HSI is up 0.36%. China Shanghai SSE is down -0.15%. Singapore Strait Times is down -0.24%. Japan 10-year JGB yield is down -0.0029 at -0.040. Overnight, DOW rose 1.51%. S&P 500 rose 1.47%. NASDAQ rose 1.11%. 10-year yield rose 0.060 to 0.656. |
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