 Markets continue to trade in rather indecisive mode today. DOW futures point to mildly lower open, following European stocks, and is getting not support from solid ADP job data. Yen appears to be rebounding but it's kept well above near term resistance level against others. Swiss Fran, on the other hand, is paring some of this week's gain, but Euro is even weaker for no apparent reason, other than cross selling against other Europeans. Overall, major pairs and crosses are bounded inside last week's range. Breakout is awaited, hopefully triggered by ISM manufacturing and FOMC minutes. Technically, EUR/USD's range of 1.1168/1.1348 remains a focus for now. We're slightly preferring downside breakout but let's see. EUR/CHF's breach of 1.0623 support is already a sign of Euro weakness. Break of 0.9175 support in EUR/GBP and 119.31 support in EUR/JPY will be further proof. These would be the levels to watch for now. In Europe, currently, FTSE is down -0.48%. DAX is down -0.80%. CAC is down -0.84%. Germany 10-year yield is up 0.0492 at -0.404. Earlier in Asia, Nikkei dropped -0.75%. China Shanghai SSE rose 1.38%. Singapore Strait Times rose 0.78%. Japan 10-year JGB yield rose 0.0190 to 0.052. Hong Kong was on holiday. |
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