 Global markets surge broadly today on more optimism on coronavirus treatment. S&P 500 and NASDAQ are both set to extend recent record runs. Yen and Dollar are back under some selling pressure, but New Zealand Dollar is not far away. On the other hand, Australian Dollar is currently the strongest, followed by Swiss Franc and then Euro. But overall, major forex pairs and crosses are generally bounded inside last week's range. Breakout is still awaited. Technically, USD/CAD is the first candidate for downside break out as it's pressing 1.3133 temporary low. Break there will target 1.3 handle. Gold breached 4 hour 55 EMA briefly but quickly retreated. As long as this EMA now, we're expect fall from 2015.66, as a down leg of the consolidation pattern from 2075.18, to extend through 1911.43 temporary low. But sustained break of the EMA will likely extend the rise from 1862.55, as the second leg of the consolidation, through 2015.66. Let's see which way it goes. In Europe, currently, FTSE is up 1.79%. DAX is up 2.38%. CAC is up 2.21%. Germany 10-year yield is up 0.0103 at -0.494, back above -0.5 handle. Earlier in Asia, Nikkei rose 0.28%. Hong Kong HSI rose 1.74%. China Shanghai SSE rose 0.15%. Singapore Strait Times rose 0.40%. Japan 10-year JGB yield dropped -0.0112 to 0.025. |
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