 The Pound's selloff continues today as the UK government's so called internal market bill draws wide criticism, from EU to Scotland and Wales. Traders continue to off-load Sterling on no-deal Brexit risks. European markets, though, somewhat stabilized and recovered from yesterday's selloff. US stocks futures also point to recovery at open. Yen and Dollar turns softer as a result while commodity currencies pare back some losses. Canadian dollar will now look into BoC rate decision. Technically, despite brief breach of 1.1762 support, EUR/USD quickly recovers. Similarly, EUR/JPY breached 124.44 support earlier today but recovers too. Both developments keep near term bullishness intact for now, and focus will turn to the strength of the rebound. Gold also recovered just ahead of 1902.73 support. Focus is back on 4 hour 55 EMA. Break there will likely extend the rebound towards 1992.37, or even 2000 handle. That would be a signal of return of Dollar weakness. In Europe, currently, FTSE is up 1.14%. DAX is up 1.17%. CAC is up 0.87%. Germany 10-year yield is up 0.0240 at -0.467. Earlier in Asia, Nikkei dropped -1.04%. Hong Kong HSI dropped -0.63%. China Shanghai SSE dropped -1.86%. Singapore Strait Times dropped -0.22%. Japan 10-yaer JGB yield dropped -0.0070 to 0.030. |
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