 Dollar is trying to extend recent rally again but buying is mostly seen against Yen and Sterling. The Yen finally broke out and fell to new 24-year low against the greenback, and it's on track to take on the level seen back in 1998. Sterling, on the other hand, is pressured after BoE ruled out extending the emergency intervention in bond markets beyond this weekend. Selloff in the Pound is giving some support to Euro and Swiss Franc. Aussie is also weak with risk-off sentiment in Asia. Technically, EUR/GBP's break of 0.8848 minor resistance is a sign that Sterling bears are back in control, and further rise could be seen back to retest 0.9267 high. At the same time, GBP/USD is also resuming its fall towards 1.0351 low. Break of 1.0811 minor support tin GBP/CHF will also align the outlook. That is, rebound from 1.0183 has completed at 1.1283, and retest of 1.0183 low could be seen next. In Asia, at the time of writing, Nikkei is down -0.14%. Hong Kong HSI is down -1.86%. China Shanghai SSE is down -1.10%. Singapore Strait Times is down -0.67%. Japan 10-year JGB yield is up 0.0010 at 0.256. Overnight, DOW rose 0.12%. S&P 500 dropped -0.65%. NASDAQ dropped -1.10%. 10-year yield rose 0.051 to 3.939. |
