 Dollar and Yen are under pressure today as Asian markets opened the week with strong rally. In particular, Chinese stocks are extending last week's powerful rise, taking Hong Kong equities up too. In the currency markets, though, Euro is currently the largest beneficiary and is so far the strongest. it's followed by commodity currencies, with Australian dollar having a mild upper hand over others. Technically, Yen crosses would be something to watch for today. EUR/JPY has taken out last week's high to resume recovery from 119.31. But as long as it stays below 122.11 resistance, such recovery is still seen as a corrective move only. EUR/USD is also kept well below 1.1348 resistance and thus, today's recovery could just be a leg inside the near term consolidation pattern. In Asia, currently, Nikkei is up 1.66%. Hong Kong HSI is up 3.45%. China Shanghai SSE is up 4.24%. Singapore Strait Times is up 0.94%. Japan 10-year JGB yield is up 0.0114 at 0.035. |
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