USD Vs. Asia FX: Lower Across The Board Risk rallying into the London close and USD vs. Asia pairs are all back lower on back of it. USDCNH fell below 6.38 quickly and USDKRW is testing the 1110 handle again. Flows overall have been mixed across pairs with USDKRW, USDTWD selling, and USDIDR, USDCNH buying going through
JPY: short-term positioning being stretched, profit-taking flows, and potential risk reduction ahead of the release of the US May payrolls report on Friday. After trading up to 110.00/20 last week on month-end related flows, USDJPY saw interest to sell off this level (likely local to start the week off, followed by broad USD selling yesterday). Despite this, the pair managed to hold the 109.20/30 breakout zone from last week. This level remains initial support, followed by 108.80 (top of the cloud). On the topside, 110.00/20 continues to work as resistance
XAU: decent Profit Taking In Gold Rising yields have dulled the appeal of gold, after US manufacturing survey data topped estimates. The failed attempt to break above the Fibonacci overlap at $1920 generated a pullback, as RSI has been showing overbought signals, raising the prospect of a move lower in spot. Overnight there was decent profit taking across segments from retail, macro, and corporates pushing the yellow metal back under $1900. The key levels in gold from here are the resistance at $1920, and if there is a break lower from here, the support at $1873
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