Entering into US session, Yen remains the strongest one as global stock market rout deepens. Meanwhile, Australian Dollar is the weakest one, followed by Canadian and then Euro. Gold also rides on risk aversion and hit as high as 1236.7 so far. Economic calendar is light in the US session. So major focus will remain on risk sentiments, currently, DOW futures are dropping more than 300 pts. Euro will also be moved by news on European Commission’s reaction to Italy’s reply on budget.

In Europe, at the time of writing:

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  • FTSE is down -0.52% at 7006.14
  • DAX is down -1.55% at 11345.8
  • CAC is down -1.02% at 50001.79
  • German 10 year yield is down -0.0204 at 0.431
  • Italian 10 year yield is down -0.005 at 3.474. Spread with German remains around 300.

Earlier today in Asia:

  • Nikkei dropped -2.6% to 22010.78
  • Hong Kong HSI dropped -3.08% to 25346.55
  • China Shanghai SSE dropped -2.26% to 2594.83
  • Singapore Strait Times dropped -1.52% to 3031.39

Nikkei’s fall from 24448.07 high resumed today and the break of 22172.90 support confirmed completion of rise from 20347.49. Near term outlook is rather bearish with prior rejection by 55 day EMA. Further fall is now likely to be seen towards 20347.59 key support level. At this point, we don’t expect a break there yet.


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