 Dollar recovers mildly in Asian session, together with Yen, as stock rally takes a breather again. But both remains the worst performing over the week. Similarly, Australian and New Zealand Dollars also retreats mildly but remain the strongest one for the week. Investors are generally optimistic on return to normal, with lockdown exits and help from coronavirus vaccine. Yet, the path remains highly uncertain as PMI data from Japan and Australia already showing the shift from services recession to manufacturing. PMIs from Eurozone, UK and US might follow and paint similar picture. We'll see. Technically, Sterling's weakness could be a focus today. In particular, EUR/GBP is now pressing 0.8987 near term fibonacci resistance. Sustained break there will suggests that rebound from 0.8670 is reversing whole fall from 0.9499, rather than just correcting it. Further rise could be seen to next fibo level at 0.9182 and above. GBP/JPY also appears to be losing momentum ahead of 133.18 resistance, keeping near term outlook bearish. Focus could be back to 129.27 temporary low very soon. In Asia, currently, Nikkei is up 0.03%. Hong Kong HSI is down -0.01%. China Shanghai SSE is up 0.05%. Singapore Strait Times is up 0.14%. Japan 10-year JGB yield is down -0.0045 at -0.002. Overnight, DOW rose `1.52%. S&P 500 rose 1.67%. NASDAQ rose 2.08%. 10-year yield dropped -0.031 to 0.680. |
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