 Yen and Dollar are so far stronger for the week, with recession as a main theme in the markets. Yet, their upside is relatively limited, as US stocks managed to extend near term rally overnight. Commodity currencies are generally on the softer side, but Aussie, Kiwi and Loonie are all staying inside last week's ranges. Euro and Sterling are mixed for now, while Swiss Franc is firm. Technically, EUR/USD's break of 1.0201 minor support argues that rebound from 0.9951 has already completed at 1.0368. Deeper fall is in favor back to retest 0.9951 low. Some attention will also be on Gold, which lost much upside momentum after hitting 1807.66. Break of 1764.77 support will also argue that rebound from 1680.83 has completed, and bring retest of this low. Developments in EUR/USD and Gold could reinforce each other. In Asia, Nikkei dropped -0.01%. Hong Kong HSI is down -0.99%. China Shanghai SSE is up 0.12%. Singapore Strait Times is down -0.18%. Japan 10-year JGB yield is down -0.016 at 0.171. Overnight, DOW rose 0.45%. S&P 50 rose 0.40%. NASDAQ rose 0.62%. 10-year yield dropped -0.058 to 2.791. |
