Forex Analysis
The Global Macro Pulse
Overnight Price Action Moderation in treasury yields to the 2.89%-2.91% range supported risk assets across Asia.
USDJPY – wave-D of triangle approaching 99.35/100.59 targets
So 96.91 support held as expected. The 99.35 target is simply the downtrend from May, the 100.59 target is where wave-D = wave-C(.618) which is a common relationship in triangles.
EURUSD – weekly hanging man candle forming, breakouts failing
The double trendline breakout earlier this week is disappointing in terms of follow-through;
EUR Mid-day Analysis
The September Euro remains well into negative territory in spite of this morning’s positive economic data from the region.
CHF Mid-day Analysis
The September Swiss is finding significant pressure early today, and continues to slide further away from the 2-month highs posted earlier this week.
JPY Mid-day Analysis
The September Yen remains under severe pressure this morning, and has already fallen below last week’s lows during today’s session.
USD Mid-day Analysis
The Dollar has been able to extend yesterday’s strong recovery move into this morning’s trading,
The Global Macro Pulse
The USD extends its rally as 10y yield rises to a new intraday high of 2.92% during Asian trading.
One of these charts is not like the others
Today’s flash PMI in China for August was much better than expected. The slow recovery in the China economy it points to is corroborated by the lift in associated commodity prices,
FX Daily
Market movers today • Main focus will be the manufacturing and service PMIs for Germany, France and the euro area as a whole.