 Dollar recovers mildly in quiet trading in Asia, digesting some of last week's losses. Yen and Canadian Dollar are following the greenback, while Swiss Franc leads Europeans lower. But overall, major pairs and crosses are bounded inside Friday's range, suggesting lack of activity. The economic calendar is light today and trading could remain subdued. But lots of important economic data are scheduled for the week, including inflation, retail sales and employment, which are worth attention. EUR/GBP is a pair to watch this week, considering the the UK government will finally announce a new budget plan on Thursday. Additionally, UK will release a batch of economic data. Technically, the correction form 0.9267 could be considered finalized with three waves down to 0.8570. Break of 0.8827 resistance will affirm this case. Further break of 0.8869 will open up stronger rally back towards 0.9267 high. Yet, break of 0.8689 support will probably extend the correction through 0.8570 instead. In Asia, at the time of writing, Nikkei is down -0.78%. Hong Kong HSI is up 2.63%. China Shanghai SSE is up 0.47%. Singapore Strait Times is up 1.51%. Japan 10-year JGB yield is up 0.146 at 0.246. |
