 The markets continue trade in consolidative mode today. US stocks reversed earlier loss to closed higher overnight, ignoring the surge in coronavirus cases. Asian markets are mixed, with mild weakness in Hong Kong HSI. it's weighed down by US Senate's unanimous passage of a bill that could lead to sanctions on Chinese and Hong Kong officials, as well as banks and companies, who undermine the city's autonomy. In the currency markets, all major pairs and crosses are confined within last week's range, with Yen, Canadian and Dollar on the red side. Technically, the markets remain rather dull in range. But recent development favors more downside in commodity currencies, in particular against Yen. Focus will be on 78.02 support in CAD/JPY, 72.52 support in AUD/JPY and 68.19 support in NZD/JPY. Break of these levels could be triggered by deeper corrections in global stocks. But that might not happen before during the rest of this week. In Asia, currently, Nikkei is up 1.37%. Hong Kong HSI is down -0.57%. China Shanghai SSE rose 0.30%. Singapore Strait Times rose 0.93%. Japan 10-year JGB yield is down -0.0047 at 0.012. Overnight, DOW rose 1.18%. S&P 500 rose 1.10%. NASDAQ rose 1.09%. 10-year yield dropped -0.010 to 0.674. |
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