The US-China trade deal phase one was finally signed but market reactions were muted. US stock indices hit record highs but gains were limited. On the other hand, there were notable fund flows into bonds and Swiss Franc over political uncertainties in Russia. In the currency markets, over the week, Swiss Franc is the strongest one, followed by Euro. Yen is the weakest, followed by Sterling. Dollar is mixed and will look into retail sales data today for the next move.

Technically, gold recovered after hitting 1535.91 but strength was very limited. With 1563.11 resistance intact, corrective fall from 1611.37 is expected to extend lower sooner or later. USD/JPY is engaging in sideway trading in tight range. We’d expect another rise through 110.21 temporary top to resume whole rally from 104.45. It would be an early sign of more Dollar rally if these two levels are broken.

In Asia, currently, Nikkei is up 0.08%. Hong Kong HSI is up 0.07%. China Shanghai SSE is down -0.31%. Singapore Strait Times is up 0.46%. Japan 10-year JGB yield is up 0.0047 at 0.012. Overnight, DOW rose 0.31%. S&P 500 rose 0.19%. NASDAQ rose 0.08%. 10-year year dropped -0.030 to 1.788.