PBoC Fixes USDCNY Reference Rate At 6.8849 (prev fix 6.8604 prev close 6.8861)
Asia shares down, euro pressured by doubts over Trump's policies, French election – RTRS
U.S. trade deficit falls as exports hit more than 1-1/2 year high – RTRS
A relatively quiet session in FX due to a lack of data and news. The Japanese Yen had the largest move overnight, with USD/JPY declining from 112.50 to 112.05. The outlook is still negative, and techs point to further losses. Support is now seen at 111.00.
The Euro is suffering from concerns about the upcoming French election. In Asia, it continued to trade with an offered tone and fell from 1.0690 to 1.0665. Support is noted at 1.0620, while resistance lies at 1.0720 and 1.0780.
The Pound has recovered a bit as the focus switched from Brexit to the political situation within the European Union. GBP/USD rose from 1.2480 to 1.2515 in Asia. However, the recovery looks fragile and tech suggest more losses are ahead.
Gold should continue to benefit from the risk-off sentiment in the markets and there is little resistance until $1252 now.