Dollar is trading broadly higher today, with help by upside breakout against Yen. The greenback on remains firm after record PPI reading. Sterling is currently the second strongest, followed by Euro. On the other hand, New Zealand Dollar is trading as the worst performing, even after RBNZ’s 50bps hike. Kiwi followed by Aussie and and then Yen. Canadian Dollar is mixed, awaiting BoC rate hike.
Technically, a focus remains on USD/JPY which is struggling to clear 125.85 long term resistance, despite breaching it. The pair may need some help from other Yen crosses to give it a lift. To be more specific, EUR/JPY and GBP/JPY will need to break through 137.50 and 164.61 resistance respectively to help secure upside momentum in USD/JPY.
In Europe, at the time of writing, FTSE is down -0.08%. DAX is down -1.08%. CAC is down -0.79%. Germany 10-year yield is up 0.021 at 0.812. Earlier in Asia, Nikkei rose 1.93%. Hong Kong HSI rose 0.26%. China Shanghai SSE dropped -0.82%. Singapore Strait Times rose 0.36%. Japan 10-year JGB yield dropped -0.0043 to 0.244, still below BoJ’s 0.25% cap.
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