 Yen remains the biggest loser for the week even though Japan has stepped up with the rhetorics against "speculations". Dollar is standing above 150 level against Yen for now, without clear sign of actual intervention. The pair is supported by 10-year yield which broke above 5.2 handle. Nevertheless, thanks to stabilization in overall market sentiment, the greenback is also among the weakest together with Swiss Franc. Commodity currencies are the winner for now. Sterling is a touch weaker against Euro, having little reaction to the continuous political chaos in the UK, while both are mixed. Technically, it should be emphasized that the recoveries in Aussie, Kiwi and Loonie are so far weak, and don't warrant trend reversal. The key near term levels included 0.6362 resistance in AUD/USD, 0.5812 resistance in NZD/USD, and 1.3501 support in USD/CAD. As long as these level holds, selloffs in the three will more likely resume than not. In Asia, at the time of writing, Nikkei is down -0.30%. Hong Kong HSI is down -0.17%. China Shanghai SSE is up 0.50%. Singapore Strait Times is down -1.07%. Japan 10-year JGB yield is up 0.0004 at 0.254. Overnight, DOW dropped -0.30%. S&P 500 dropped -0.80%. NASDAQ dropped -0.61%. 10-year yield rose 0.099 to 4.226. |
