 Swiss Franc rises broadly today as yesterday's risk-on sentiment quickly faded. Dollar is also recovering together with Canadian while Yen is also slightly higher. On the other hand, Sterling is under some pressure, in particular against European majors. Australian and New Zealand Dollar are not far behind. In other markets, Gold lacks follow through buying so far and WTI crude oil dips mildly. Cryptocurrencies are the biggest movers as market rout continues. Overall, traders are already looking beyond US mid-term election results, to CPI release tomorrow. Technically, EUR/AUD's rise is one development to note. Break of the channel resistance argues that pull back from 1.5704 might be over, and larger rally from 1.4821 could be resume. But all would depend on the upside momentum as EUR/AUD approaches 1.5704 resistance. Based on current intermarket movements, break of 1.5704 would more likely be a result of selloff in Aussie, accompanying return of risk-off sentiment. Let's see. In Europe, at the time of writing, FTSE is down -0.30%. DAX is down -0.59%. CAC is down -0.34%. Germany 10-year yield is down -0.021 at 2.262. Earlier in Asia, Nikkei dropped -0.56%. Hong Kong HSI dropped -1.20%. China Shanghai SSE dropped -0.53%. Singapore Strait Times rose 0.63%. Japan 10-year JGB yield rose 0.0065 to 0.259. |
