 Dollar is extending the near term pull back in Asian session today, driven by a combination of factors including a risk-on market sentiment, falling Treasury yields, and growing market expectations of a Federal Reserve "skip" in June. However, the greenback, along with other currencies, will be closely watching today's non-farm payroll data for further direction. As it stands, Swiss Franc is trailing Dollar as the week's second worst performer, followed by Euro. On the other hand, Sterling is actually the quiet star of the week, followed by Aussie and Loonie. Yen is currently mixed as near term consolidation extends. Technically, Gold is now eyeing 1985.08 minor resistance with current rebound. Break there will indicate that a short term bottoming is formed at 1931.84. More importantly, such development will keep the medium term rising channel intact. That is, rise from 1614.60 is indeed not over yet. Retest of 2062.95 or even 2074.48 record high could be seen soon, which could also correspond to near term selloff in Dollar. In Asia, at the time of writing, Nikkei is up 1.03%. Hong Kong HSI is up 3.79%. China Shanghai SSE is up 0.78%. Singapore Strait Times is up 0.24%. 10-year JGB yield is down -0.0074 at 0.413. Overnight, DOW rose 0.47%. S&P 500 rose 0.99%. NASDAQ rose 1.28%. 10-year yield dropped -0.029 to 3.608. |
