Asian stock markets are mixed today, with the Shanghai Composite and Nikkei down on the day, while the Hang Seng gained 0.35 %. In commodities, Oil managed to bounce off after the stops below $43 were cleared, and it is now back above $43. Precious metals remain under pressure amid the broad USD strength, and Gold is likely to test $1998/1200 support soon.
The Dollar extended gains against the New Zealand overnight, but fell slightly against all other major currencies. USD/JPY started the trading day around 108.40 and declined to a low of 107.80 later in the session. The pair remains well bid though, and managed to recover 108.20. Key support is seen at 107.50, while resistance now lies at 108.55 and 109.20.
EUR/USD bounced off 1.0735 and rallied to 1.0770, where the topside was capped for now. GBP/USD rose from 1.2460 to 1.2530, but quickly reversed after it ran out of momentum and finished back where it started the Asian session.
AUD/USD rose in the early Asian session, but failed at 0.7580 and declined back to 0.7540. The RBA released their meeting minutes overnight, but there was no new information for the market to consider.
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