The Yen is trading in the shadows today despite mixed risk markets. Treasury yields are again weighing on the Yen, with US 10-year yields remaining stable at handle 0.73. German 10-year bonds also bounced back above -0.4%. US stocks opened slightly lower after a slight fall in Europe, but this is only a slight decline.
Euro and Canadian dollar are relatively stronger so far. The dollar is mixed as the recovery attempt will be relatively short-lived. The Australian dollar is also mixed, awaiting tomorrow’s guidance from the RBA.
The dollar remained under selling pressure, hitting new lows against most of its major rivals after a moderate bullish corrective move. The dollar index fell to its lowest level in almost 2 years and was unable to recover after the last announcement by the Fed of a change in monetary policy. The Japanese currency was the weakest, ending the day in the red against the dollar.
Technically, the EUR/USD pair is now close to the 1.1965 resistance, a breakout of this point will resume stronger gains from 1.0635. Let’s see if this will depreciate the dollar elsewhere. But for now, it looks like buying the euro is the main driving force as EUR/JPY is also close to the 126.75 resistance. EUR/GBP is also recovering from a slight resistance at 0.8974.
In other markets, the DOW is currently down -150 points. In Europe, the FTSE was down 0.61%. The DAX was down 0.24%. The CAC was down -0.43%. Germany’s 10-year bond yield rose 0.019 to -0.390, again above -0.4. Earlier in Asia, the Nikkei rose 1.12%. The HSI index in Hong Kong fell 0.96%. China Shanghai SSE fell 0.24%. The Singapore Strait Times fell by 0.28%. The yield on Japan’s 10-year JGB fell from -0.0082 to 0.053.
Shares closed mixed in the US and mostly declined in Europe as investors took a cautious stance ahead of a busy week.
Commodities traded unevenly as crude oil prices fell, driven by weak stocks, while gold prices rose. The spot settled at $1,970.00 per troy ounce, slowly returning to the $2,000 threshold.
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