Dollar turns soft again after momentum for rebound faded quickly. Euro and Swiss Franc are back in control even though they're still generally range bound. Australian Dollar is following closely after RBA stands pat as widely expected. Recovery is still expected and the central didn't sound concerned with recent surge in Aussie's exchange rate. The economic calendar is relative light for today and traders may look beyond to tomorrow's events. Technically, Dollar couldn't confirm a sustainable rebound as EUR/USD recovered after breaching 1.1698 minor support briefly. Situation is similar for GBP/USD while recovered after hitting 1.3013 minor support. AUD/USD is even kept way off 0.7063 support. Nevertheless, these levels will remain in favor for the rest of the week as more important data come in. AUD/NZD is a pair to watch as New Zealand employment is upcoming. With today's rebound, focus is back on 1.0800 temporary top and break will extend the rebound from 1.0565 towards 1.0880 high. In Asia, Nikkei closed up 1.70%. Hong Kong HSI is up 2.16%. China Shanghai SSE is up 0.11%. Singapore Strait Times is up 1.37%. Japan 10-year JGB yield is down -0.0095 at 0.014. Overnight, DOW rose 0.89%. S&P 500 rose 0.72%. NASDAQ rose 1.47% to 10902.80, new record high. 10-year yield rose 0.027 to 0.563. |
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