 The currency markets have turned into consolidation mode temporarily. Sterling further stabilized after BoE said in a statement that the assessment of the government's growth plan will be done at next "scheduled" meeting, ruling out an emergency meeting. Dollar is also taking a breather even though 10-year yield rose to the highest level since 2010. Yen is steady, awaiting traders to test Japan's determination on intervention again. Technically, while the currency markets turned steady, Gold is extending recent down trend. It now seems that 55 month EMA (now at 1651.12) couldn't provide enough support for a bounce. Outlook will stay bearish as long as 1687.82 resistance holds. Next near term target is 61.8% projection of 2070.06 to 1680.83 from 1807.66 1567.11. Decisive break there could prompt downside acceleration to 100% projection at 1418.43. That could happen if US 10-year yield breaks through 4% handle firmly. In Asia, at the time of writing, Nikkei is up 0.45%. Hong Kong HSI is down -1.06%. China Shanghai SSE is up 0.26%. Singapore Strait Times is down -0.57%. Japan 10-year JGB yield is up 0.0003 at 0.253. Overnight, DOW dropped -1.11%. S&P 500 dropped -1.03%. NASDAQ dropped -0.60%. 10-year yield rose 0.181 to 3.878. | 
