Yen rises strongly today, and buying intensifies in early US session, after surprisingly poor US GDP data. Benchmark treasury yield in both the US and Germany tumble sharply, aiding Yen's advance. Swiss Franc is also strong For now, Euro is the worst performer for today, as selling started earlier in European session already, while Sterling is playing catch-up. Dollar is mixed while commodity currencies look indifferent. Technically, USD/JPY's break of 134.73 support argues that it's already in correction to medium term up trend. Deeper fall could be seen to 126.35/131.34 support zone. Gold is also pressing 1745.21 minor resistance. Sustained break there will add to the case of bullish trend reversal, after hitting 1682.60 long term cluster support. That, if happens, would be verification of Dollar weakness. In Europe, at the time of writing, FTSE is down -0.09%. DAX is up 0.18%. CAC is up 0.42%. Germany 10-year yield is down -0.072 at 0.874, below 0.9% handle. Earlier in Asia, Nikkei rose 0.36%. Hong Kong HSI dropped -0.23%. China Shanghai SSE rose 0.21%. Singapore Strait Times rose 0.48%. Japan 10-year JGB yield rose 0.0134 at 0.209. |
