Global markets sink as Russia finally launches invasion of Ukraine. Risk averse sentiment dominates, pushing gold and oil higher, while stocks and cryptocurrencies tumble. In the currency markets, Yen and Swiss Franc surge sharply on safe-haven flows, together with Dollar. On the other hand, Euro is under heavy selling pressure together with commodity currencies. Technically, EUR/USD finally breaks through 1.1265 minor support, confirming rejection by 1.1482 resistance. Deeper decline should be seen through 1.1120 to resume larger down trend from 1.2348. EUR/CHF's break of 1.0298 support also suggests resumption of down trend from 1.1149. To solidify the Euro's bearishness, we'd like to see EUR/JPY taking out 128.23 support with some conviction. In Asia, at the time of writing, Nikkei is down -2.05%. Hong Kong HSI is down -3.27%. China Shanghai SSE is down -1.52%. Singapore Strait Times is down -3.10%. Japan 10-year JGB yield is down -0.0043 at 0.194. Overnight, DOW dropped -1.38%. S&P 500 dropped -1.84%. NASDAQ dropped -2.57%. 10-year yield rose 0.029 to 1.977. |
