 Dollar is extending its broad-based rally today. But other positions are somewhat changing. Sterling is now recovering as traders take profit, while awaiting an unconfirmed statement from BoE. Euro is also paring some recent losses. Meanwhile, Swiss Franc, Yen and Canadian soften in general. Australian and New Zealand Dollar are mixed. Technically, while Sterling recovers, it's too soon to call for bottoming. The levels to watch included 1.1404 support turned resistance in GBP/USD, and 0.8720 resistance turned support in EUR/GBP. As for GBP/CHF, break of 1.1146 resistance is needed to confirm bottoming at 1.0183. Otherwise, price actions from there are viewed as part of a corrective pattern only. Down trend would resume for another low after the correction completes. In Europe, at the time of writing, FTSE is down -0.89%. DAX is down -0.05%. CAC is down -0.11%. Germany 10-year yield if up 0.059 at 2.084. Earlier in Asia, Nikkei dropped -2.66%. Hong Kong HSI dropped -0.44%. China Shanghai SSE dropped -1.20%. Singapore Strait Times dropped -1.40%. Japan 10-year JGB yield rose 0.0082 to 0.253. |
