In a remarkable rally during Asian session, Japanese stocks surged sharply, with Nikkei index smashing through the 32k mark, reaching a high not seen in 33 years. This surge followed the bullish trend seen in US markets last week, further buoyed by robust services data emanating from Japan and China. However, it's important to note that outside Japan, stock markets are experiencing a more sluggish performance. Turning our attention to the currency markets, commodity currencies are exhibiting notable strength, with US Dollar performing well, albeit lagging slightly behind Australian Dollar and New Zealand Dollar. Both Australian Dollar and Canadian Dollar are looking forward to potential hawkish holds by their respective central banks - RBA and BoC - later in the week. Interestingly, Dollar continues to show a decoupling from risk sentiment, displaying strength even as risk appetite seems to be strongly on the "on"side. European currencies, along with Japanese Yen, are generally underperforming. The week ahead promises to be exciting, with crucial monetary policy decisions from RBA and BoC that could influence the path of commodity currencies and, by extension, global currency dynamics. Technically, EUR/AUD would be a focus in the next 24-hours with RBA a feature. Based on current downside momentum, fall from 1.6513 is possibly resuming whole decline from 1.6785. Deeper fall is in favor as long as 1.6296 minor resistance holds. Break of 1.6134 will confirm this bearish case and target 100% projection of 1.6785 to 1.6134 from 1.6513 at 1.5862. In Asia, Nikkei closed up 2.12% at 32192.32. Hong Kong HSI is up 0.33%. China Shanghai SSE is down -0.04%. Singapore Strait Times is up 0.63%. Japan 10-year JGB yield is up 0.0175 at 0.433. | 