 Yen and Dollar remains the strongest ones for today while commodity currencies are weakest, led by Aussie. There was no follow through buying in Dollar and Yen beyond Asian session. The panic selloff in Hong Kong stocks didn't spillover to other markets and even US futures are pointing to slightly higher on. US response to China's move to impose its own national security laws on the highly autonomous Hong Kong was relatively mild. Secretary of State Mike Pompeo just issued a statement condemning the "disastrous proposal:, and urged the Chinese Communist Party to "abide by its international obligations, and respect Hong Kong's high degree of autonomy, democratic institutions, and civil liberties, which are key to preserving its special status under U.S. law." Technically, AUD/USD is still holding on to 4 hour 55 EMA (now at 0.6513) and thus maintaining near term bullishness. Sustained break of the EMA, will firstly indicate short term topping and turn focus to 0.6402 support for confirmation. 1.4140 resistance in USD/CAD will be a level to watch in case of resurgence of risk aversion in risk aversion. In Europe, currently, FTSE is down -0.34%. DAX is up 0.50%. CAC is up 0.48%. German 10-year yield is up 0.009 at -0.484. Earlier in Asia, Nikkei dropped -0.80%. Hong Kong HSI dropped -5.56%. China Shanghai SSE dropped -1.89%. Singapore Strait Times dropped -2.17%. Japan 10-year JGB yield dropped -0.0086 to -0.007. |
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