 European majors, as well as stock indices, are boosted by better than expected Germany business sentiments, as well as small than expected Q2 GDP contraction. There were talks that investors welcomed the US-China trade phone calls. But judging from the decline in China and Hong Kong stocks, that might not be the reason. Meanwhile, commodity currencies are just mixed. On the other hand, Yen is trading generally lower, followed by Dollar by a distance. Technically, Yen crosses defended near term support level well and maintain near term bullishness. Focuses will now turn to 126.75 resistance in EUR/JPY and 140.20 resistance in GBP/JPY. Break there will resume recent rally. AUD/JPY's focus is also back on 76.86 resistance with today's rebound. Break will resume larger rise from 59.89. In Europe, currently, FTSE is up 0.14%. DAX is up 0.76%. CAC is up 1.06%. German 10-year yield is up 0.0470 at -0.441. Earlier in Asia, Nikkei rose 1.35%. Hong Kong HSI dropped -0.26%. China Shanghai SSE dropped -0.36%. Singapore Strait Times rose 0.80%. Japan 10-year JGB yield rose 0.0102 to 0.034. |
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