Fri, Oct 07, 2022 @ 07:18 GMT
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Into US session: Sterling rally lost steam, global stocks in red again

Entering into US session, while Sterling remains the strongest one for the week, it continues to ignore solid economic data. Pound’s rally is losing some steam with Swiss Franc and Canadian Dollar trading as the strongest one for today. Dollar is following as the third strongest. ON the other hand, Japan is the weakest one, followed by Australian and then New Zealand Dollar. The markets lack clear direction after the Brexit run. And investors are probably waiting for new developments in trade cautiously.

European stocks are back under selling pressure today with FTSE trading down -0.68%, DAX down -0.68% and CAC down -0.37% at the time of writing. US futures also point to lower open. In Asia, Nikkei gained 1.3% to 22664.69. But Hong Kong HSI lost -0.72% while Singapore Strait Times dropped -0.35%.

In particular, China Shanghai SSE dropped -0.18% to 2664.8, below August’s lowest close at 2668.96. Key support level at 2638.30 (2016 low) looks rather vulnerable. And it seems, investors are preparing themselves well for escalation in US-China trade war.

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