Yen and Swiss Franc turn softer today as overall sentiments stabilized. US stocks once again pared back much of earlier losses overnight and closed just slightly down. Asian markets were just mixed only, with Nikkei also reversing most of earlier losses. Dollar is currently the stronger one for today, followed by commodity currencies. As for the week, however, Yen and Swiss Franc remain the best performer followed by Dollar. Canadian Dollar is the worst one, followed by Aussie and Kiwi. A focus now is whether Canadian job data could give the Loonie some much needed lifts. Technically, the lost of downside momentum in EUR/USD is a development to note. Bullish divergence condition is clear in 4 hour MACD. Break of 1.1894 resistance will suggest short term bottoming and target 1.1974 resistance for confirmation. Meanwhile, break of 0.9141 support in USD/CHF would also indicate short term topping at 0.9273 and bring deeper fall. Such developments, if happen, could signal near term bearish reversal in the greenback. In Asia, Nikkei closed down -0.63%. Hong Kong HSI is up 0.72%. China Shanghai SSE is down -0.04%. Singapore Strait Times is up 0.68%. Japan 10-year JGB yield is up 0.0024 at 0.030. Overnight, DOW dropped -0.75%. S&P 500 dropped -0.86%. NASDAQ dropped -0.72%. 10-year yield dropped -0.033 to 1.288. |
