 Yen is shrugging off rally in US and European benchmark yields today, and rebound on threat of intervention in Japan. European majors are also finding some foots while Dollar turned mixed. Still commodity currencies are under broad based selling pressure. While US futures might point to a flat open, selling could come back later in the session. Overall, for the week, Dollar is so far the strongest, followed by Swiss Franc and Yen, and Kiwi is worst followed by Aussie and then Loonie. Technically, a focus now is on how far Yen's rebound could go. As long as 139.37 resistance turned support in USD/JPY holds, it's too early to call for bearish reversal. The pair is still more likely to resume recent up trend then not. Such development would also provide a floor to the selloff in other Yen crosses. In Europe, at the time of writing, FTSE is down -1.29%. DAX is down -1.1%. CAC is down -0.58%. Germany 10-year yield is up 0.012 at 1.744. Earlier in Asia, Nikkei dropped -2.78%. Hong Kong HSI dropped -2.48%. China Shanghai SSE dropped -0.37%. Singapore Strait Times dropped -0.97%. Japan 10-year JGB yield rose 0.0128 to 0.258. |
