 Much volatility was seen in the markets overnight, but as dusts settled, risk-off sentiment dominated. Fed funds futures are now pricing in 94.7% chance of a 50bps rate hike by Fed after the strong CPI reading, comparing to just 33.7% a week ago. Dollar is trading generally higher in Asia, followed by Yen. Aussie is the weakest followed by Kiwi and then Euro. Technically, the outlook in many major pairs and crosses are mixed. EUR/USD struggled to break 1.1482 near term resistance firmly, but the retreat is held well above 1.1265 minor support. USD/JPY is still limited by 116.34 high despite yesterday's rally. USD/CHF is staying in established range of 0.9176/0.9341. USD/CAD is also stuck in range of 1.2648/2795. Currency traders are not committing to a direction yet. In Asia, at the time of writing, Hong Kong HSI is down -0.60%. China Shanghai SSE is down -0.68%. Singapore Strait Times is down -0.14%. Japan is on holiday. Overnight, DOW dropped -1.47%. S&P 500 dropped -1.81%. NASDAQ dropped -2.10%. 10-year yield jumped sharpy by 0.102 to close at 2.031. | 
