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USD rebound likely a position adjustment and correction

USD index rebound slightly in Asian session in effect of last Friday’s trend continuation. But steady US stock and 10 years UST yield at 2.88% will still have some support for USD. Overall, USD bearish trend remain intact and Friday till now rebound seem as position adjustmnet and correction more likely.

USDJPY grids higher as Nikkei goes up and further YEN cross short coverings. But overall downside risk remains on price capping under 107.30-40 region.

GBP pulls back to 1.4 as the market remains to worry for Brexit uncertainty and EUR also retraces down to around 1.24 with basically tight move around NY Closing levels.

Today US, Canada, China and HK holidays in without any risk event, it might expect more slower and orderly move for the day. Later Eurozone Current Account Balance, Construction Output as well as BOE’s Governor Carney speech might have small intraday impact.

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