The markets are trading in consolidative mode in Asia today. Dollar attempted to resume near term rally against Euro overnight, but quickly lost momentum. While Yen remains generally weak, selloff slowed, along with slight retreat in US 10-year yield, and retreat in stocks. Traders will turn their focuses firstly to UK GDP in European session, and then US CPI and FOMC minutes later in the day. Technically, we'd put some attention to the interplay between Dollar, Euro and Sterling today. EUR/GBP turned sideway after hitting 0.8471 but recovery has been weak and more downside is in favor. Break of 0.8471 will resume the fall from 0.8656 towards 0.8448 low. That might help lift GBP/USD through 1.3672 temporary top to resume the rebound from 1.3410. Also, such development could help cap EUR/USD's recovery below 1.1639 minor resistance. Let's see how it goes. In Asia, at the time of writing, Nikkei is down -0.24%. China Shanghai SSE is down -0.35%. Singapore Strait Times is up 1.42%. Japan 10-year JGB yield is down -0.0070 at -0.089. Overnight, DOW dropped -0.34%. S&P 500 dropped -0.24%. NASDAQ dropped -0.14%. 10-year yield dropped -0.034 to 1.580. |
