 The forex markets are generally steady in Asian session today, as traders are still holding their bets ahead of Fed Chair Jerome Powell's Jackson Hole speech. US stocks staged a rebound overnight, but there was little reaction elsewhere. For the week, commodity are currently the strongest, led by Aussie. European majors are the worst performers, led by Euro. Dollar and Yen are mixed. Technically, 10-year yield breached 3.101 resistance this week but couldn't sustain above there so far. Rejection by 3.101, followed by break of gap support at 2.952, will suggest that corrective pattern from 3.483 is already starting a third leg down towards 2.525 low. In this case, USD/JPY could be dragged down as a corresponding move. Nevertheless, firm break of 3.101 will send TNX towards 3.483, taking USD/JPY higher for a test on 139.37. In Asia, at the time of writing, Nikkei is up 0.69%. Hong Kong HSI is up 0.70%. China Shanghai SSE is up 0.09%. Singapore Strait Times is up 0.36%. Japan 10-year JGB yield is down -0.007 at 0.223. Overnight, DOW rose 0.98%. S&P 500 rose 1.41%. NASDAQ rose 1.67%. 10-year yield dropped -0.080 to 3.026. |
