 The markets are relatively steady in Asian session today, as focus turns to ECB rate hike. Dollar has been paring some gains overnight as risk aversion receded mildly. Both Euro and Swiss Franc are generally firming up. On the other hand, There is little sign of life for Yen, as it's staying pressured across the board. Sterling is also not too far away, while commodity currencies are mixed, with Canadian on the upper hand. Technically, in addition to Euro pairs, GBP/USD is one to watch today too, as it's now pressing pandemic low at 1.1409. Selloff is slowing for now. Indeed, considering bullish convergence condition in 4 hour MACD, break of 1.1608 minor resistance will suggest short term bottoming, after defending the key support. In that case, a sustainable rebound should follow as traders cover their short position and take profits. On the other hand, firm break of 1.1409 would trigger downside re-acceleration. In Asia, at the time of writing, Nikkei is up 2.34%. Hong Kong HSI is down -0.49%. China Shanghai SSE is up 0.15%. Singapore Strait Times is up 0.82%. Japan 10-year JGB yield is up 0.001 at 0.248. Overnight, DOW rose 1.40%. S&P 500 rose 1.83%. NASDAQ rose 2.14%. 10-year yield dropped -0.075 to 3.265. |
