 European majors are trading generally higher today, with help from strong improvement in Germany economic sentiment as well as solid UK job data. Commodity currencies are turning softer, with Canadian Dollar shrugging off CPI data. Dollar is mixed despite sharp decline in New York State manufacturing data. Yen is so far the weakest for today, continuing to digest recent gains, awaiting tomorrow's BoJ policy decision, which could bomb the market with surprises. Technically, following up on GBP/CAD, breach of 1.6433 minor resistance argues that pull back from 1.6846 might have completed at 1.6099 already. Further rise should be seen to retest 1.6846 high. Firm break there will resume larger rally from 1.4069. At the same time, EUR/CAD might even lead the way by breaking through 1.4591 resistance. In that case, rise from 1.2867 should be resuming for 61.8% projection of 1.3270 to 1.4591 from 1.4232 at 1.5048. In Europe, at the time of writing, FTSE is down -0.14%. DAX is down -0.04%. CAC is up 0.09%. Germany 10-year yield is down -0.0088 at 2.167. Earlier in Asia, Nikkei rose 1.23%. Hong Kong HSI dropped -0.78%. China Shanghai SSE dropped -0.10%. Singapore Strait Times dropped -0.09%. Japan 10-year JGB yield dropped -0.0105 to 0.504. |
