Sterling stays generally weak as another week starts. The Pound was weighed down by comments from BoE chief economists Andy Haldane, who said that negative rate was "something we'll need to look at – are looking at – with somewhat greater immediacy." Dollar is also slightly softer with mild risk recovery in Asian markets. On the other hand, Australian and New Zealand Dollars are the strongest ones. But we'll have to see if risk rally could sustain through the week. Technically, Gold's firm break of 1747.75 high last week confirmed up trend resumption. Focus is now on key medium term resistance at 61.8% projection of 1160.17 to 1703.28 from 1451.16 at 1786.80. It's an important hurdle to overcome and break will probably prompt more upside acceleration. However, rejection from there could trigger a rather deep pull back. Either way, Dollar might finally have some reactions. In Asia, currently, Nikkei is up 0.51%. Hong Kong HSI is up 0.40%. China Shanghai SSE is up 0.61%. Singapore Strait Times is up 0.73%. Japan 10-year JGB yield is down -0.0056 at -0.009. |
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