Asian markets surge broadly today, following the strong close in US stocks. DOW is finally catching up by a powerful break through June's high while S&P 500 is closing in on record high. Investors welcomed the news of falling coronavirus hospitalizations in New Work, California and Texas. The trade of sanctions between US and China was generally shrugged. Yen and Dollar are both back under selling pressure, together with Swiss Franc. Commodity currencies are generally stronger, with Aussie leading the way higher. Technically, Hong Kong HSI seems to be weathering the political turmoils rather well with strong 2.3% gain at the time of writing. Near term channel support seems to be defended well and focus is back on 25201 resistance to confirm. That would temporarily ease the risk of risk aversion out of Asia. Focus could be turned to near term support of Dollar for indicating selloff resumption, in particular against commodity currencies. Levels include 0.7243 resistance in AUD/USD, 0.6715 resistance in NZD/SD and 1.3233 support in USD/CAD. In Asia, currently, Nikkei is up 1.90%. Hong Kong HSI is up 2.30%. China Shanghai SSE is up 0.33%. Singapore Strait Times is up 0.22%. Japan 10-year JGB yield is up 0.0176 at 0.028. Overnight, DOW rose 1.30%. S&P 500 rose 0.27%. NASDAQ dropped -0.39%. 10-year yield rose 0.012 to 0.574. |
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