The forex markets are generally staying in consolidative mode today, with Euro and Swiss Franc trading mildly higher. Meanwhile, Aussie is leading other commodity currencies for retreats. Dollar is also trying to firm up with 10-year yield breaking above 1.62 handle. Yen, is also mildly higher with help from some pull back in stocks. Overall, the markets could need some more time to digest recent moves, before resuming. Technically, we'd continue to focus on whether EUR/USD would break through 1.1639 resistance to confirm short term bottoming at 1.1523. Or, it will resume larger fall from 1.2265 through 1.1523. That could provide hint on Dollar's next move elsewhere. At the same time, we'd also see if EUR/CHF would break through 1.0750 minor resistance, or 1.0678 temporary low. Synchronized rallies in the two pairs will indicate it's Euro that's moving instead. In Europe, at the time of writing, FTSE is down -0.50%. DAX is down -0.80%. CAC is down -0.98%. Germany 10-year yield is up 0.039 at -0.125. Earlier in Asia, Nikkei dropped -0.15%. Hong Kong HSI rose 0.31%. China Shanghai SSE dropped -0.12%. Singapore Strait Times closed flat. Japan 10-year JGB yield rose 0.0154 to 0.096. |
