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US stock market pushes down Asian and European stocks

USD in rebound move overnight but retraces back during earlier Asian session despite the market having better summary from the expected US NFP data and sharply higher of UST yield (10 years yield 2.88% to 4 years high). Large correction of US stock market (DJI -2.54% or 665.75 points to 25520.96) have driven more risk off sentiment and pushes down all Asian and earlier European stock markets. USDJPY goes top at 110.47 last Friday but today pulling back down to 109.77 after the YEN cross selling with risk off sentiment continues with support at 109.50-70 zone and topside resistance at 110.10-20. USD will remain fragile and correction are expected to be in short-lived nature.

EUR in rebound move going up after holding short term floor around 1.24. And more signs for ECB normalization will catch up despite of a higher UST yield which also pushes up the German yield (10 years 0.774% highest since Sept 2015). EUR cross also supportive in case of risk off sentiment and that will driven more demands on the lower side.

GBP pulls back slightly but basically will be around 1.40-1.43 consolidation range ahead of this week Brexit negotiations. Also this Thursday’s BOE meeting might also have some impact for short term movement.

Today US PMI data, ISM non manufacturing and stock/bond market move will direct the intraday move.

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    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.