 US stocks staged a strong comeback overnight, with DOW staging the first-ever 1000-point-plus intraday U-turn. It's down -1100 pts at initially trading but closed up 11 pts eventually. Yet, risk-off sentiment remains dominant in Asia. Dollar is currently the strongest, followed by Yen. Sterling is the worst performer, followed by Kiwi and Loonie. Aussie managed to pare back some losses after much stronger than expected consumer inflation reading. Overall, sentiment would remain vulnerable on developments surrounding Ukraine. Technically, we'll keep our eyes on EUR/USD, USD/CHF and USD/JPY, which are still range bound. We're talking about 1.1284/1482 in EUR/USD, 0.9090/9276 in USD/CHF and 113.47/115.05 in USD/JPY. The breakouts will reveal much about the underlying dynamics in both Dollar and Yen. In Asia, at the time of writing, Nikkei is down -1.82%. Hong Kong HSI is down -1.32%. China Shanghai SSE is down -1.12%. Singapore Strait Times is down -1.04%. Japan 10-year JGB yield is down -0.005 at 0.134. Overnight, DOW rose 0.29%. S&P 500 rose 0.28%. NASDAQ rose 0.63%. 10-year yield dropped -0.012 to 1.735. |
