 In today's Asian trading session, forex markets are experiencing a lull, with most of the major currency pairs and crosses moving within the boundaries set by yesterday's trading ranges. The anticipated volatility sparked by the robust remarks from the heads of the ECB, Fed, BoE, and BoJ during the ECB forum overnight failed to materialize. Their unified message underscored the ongoing fight against inflation amidst a landscape of uncertainties, yet the markets remain unresponsive. While major US indexes closed with mixed results, Asian markets seem to lack a clear common trajectory. Taking stock of the week's movements thus far, Dollar leads as the strongest currency, displaying promising gains against commodity currencies. However, it would need to make further rally against Euro and Swiss Franc to substantiate its underlying strength. Euro trails as the second-strongest currency, followed the Swiss Franc, boosted partially by buying against the weakening Sterling. Australian and New Zealand Dollars sit at the bottom of the pack as the week's worst performers, while Japanese Yen remains mixed, digesting its recent losses. Technically, Copper's fall from 3.9051 is extending and the development reinforces the case that corrective rebound from 3.5393 has completed already. Further decline is now in favor as long as 3.7867 minor resistance holds, back to retest 3.5393 low. Any downside acceleration could drag AUD/USD further towards 0.6457 support. In Asia, at the time of writing, Nikkei is up 0.37%. Hong Kong HSI is down -1.35%. China Shanghai SSE is down -0.18%. Singapore Strait Times is up 0.06%. Japan 10-year JGB yield is down -0.002 at 0.385. Overnight, DOW dropped -0.22%. S&P 500 dropped -0.04%. NASDAQ rose 0.27%. 10-year yield fell -0.058 to 3.710. |
