Yen buying accelerates today as selloff in commodity currencies intensified. New Zealand Dollar is trading as the worst, by some distance, followed by Aussie. Canadian Dollar is dragged down by decline in oil prices, while Sterling is also pressured after poor job data. On the other hand, Dollar is following Yen as the second strongest, then Euro. Fed chair Powell will testifies today, but unlikely to offer anything more than his usual "balanced" rhetorics. Technically, one focus now is on USD/JPY, with today's decline. Break of 108.33 minor support will bring deeper near term correction, and could drag other Yen crosses lower. GGBP/USD's break of 1.3777 suggests resumption of the corrective fall from 1.4240. Another focus is now on 0.8638 minor resistance in EUR/GBP and break will revive the case of near term bottoming. In Europe, currently, FTSE is down -0.17%. DAX is down -0.11%. CAC is down -0.39%. Germany 10-year yield is down -0.032 at -0.338. Earlier in Asia, Nikkei dropped -0.61%. Hong Kong HSI dropped -1.34%. China Shanghai SSE dropped -0.93%. Singapore Strait Times rose 0.12%. Japan 10-year JGB yield dropped -0.0011 to 0.081. |
