 Dollar remains the worst performing major currency for the week, but the dynamics are shifting. Yen is giving up much of its gain, following the strong rebound in benchmark treasury yields, but Swiss Franc is still firm. Euro and Sterling are somewhat under pressure too, while smaller than expected GDP contraction gives the Pound little help. Commodity currencies are staying the strongest ones, as led by Kiwi and Aussie. Technically, NZD/JPY looks set to take on 86.80/87.33 resistance zone with current strong rally. Decisive break there will resume larger up trend. If that happens, attention would also be on USD/JPY at the same time, on whether it would break through 135.57 minor resistance to resume the rebound from 130.38, towards 139.37 high. In Asia, Nikkei rose 2.62%. Hong Kong HSI is up 0.39%. China Shanghai SSE is up 0.04%. Singapore Strait Times is down -0.92%. Japan 10-year JGB yield is up 0.0046 at 0.198. Overnight, DOW rose 0.08%. S&P 500 dropped -0.07%. NASDAQ dropped -0.58%. 10-year yield rose 0.102 to 2.888. |
