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Thread: Recovery in Dollar and Yen Capped, Downside Prospects in Euro

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    Moderator cool user imbest's Avatar
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    Default Recovery in Dollar and Yen Capped, Downside Prospects in Euro

    The forex markets are staying in mostly consolidation in Asian session. Recovery in Dollar and Yen is so far rather weak, capped by resilient market sentiment. S&P 500 closed at new record high while DOW was not far behind. Major Asian indexes are also trading higher after China’s Evergrande averted default for now after remitting funds for a key interest payment ahead of a 30-day grace period that ends tomorrow. As for the week, Kiwi and Aussie are so far the strongest, followed by Swiss Franc. Dollar, Yen and Loonie are the weakest. Euro is mixed but has the potential to weaken further in crosses.

    Technically, we’d continue to monitor 132.13 and 156.58 minor support levels in EUR/JPY and GBP/JPY. Break of these levels could signal more sustainable rebound in Yen. Also, as EUR/CHF has resumed recent fall through 1.0678 temporary low already, break of 0.8420 temporary low in EUR/GBP could signal more broad-based weakness in Euro.
    In Asia, at the time of writing, Nikkei is up 0.83%. Hong Kong HSI is up 0.51%. China Shanghai SSE is up 0.09%. Singapore Strait Times is up 0.29%. Japan 10-year JGB yield is up 0.0041 at 0.094. Overnight, DOW dropped -0.02%. S&P 500 rose 0.30% to new record at 4549.78. NASDAQ rose 0.62%. 10-year yield jumped 0.040 to 1.676.

    Source: www.actionforex.com
    Last edited by imbest; 10-26-2021 at 02:31 PM.

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