Tech led global equities selloff is a major theme today, spreading from Asia to Europe to the US. In the background, there seems to be heightened concerns on inflation over surging commodity prices. European indexes are all in deep red while NASDAQ future is down another -1.6%. The reactions in the currency markets are mild though. Swiss Franc is currently the weakest one, followed by Dollar. New Euro is one of the strongest, as supported by much better than expected economic sentiment data.

Technically, one focus is whether Dollar’s decline could resume if stocks do stabilize later in the US session. In particular, EUR/USD has the prospect to break through 1.2177 temporary top to resume the rise from 1.1703. Meanwhile, USD/CHF’s decline could also reaccelerate towards 0.8756 low. GBP/USD is also on track to retest 1.4240 high too.