Entering into US session, Yen is the strongest one for today. 10 year JGB yield had another rally today and hit as high as 0.113 before closing at 0.100. Canadian Dollar follows as the second strongest on optimism that there will be a NAFTA agreement in principal in August. Dollar follows as the third strongest ahead of Q2 GDP report.
Meanwhile, Swiss Franc is notably the weakest one. Part of the reason is probably the strong rally in European stocks. The rally was fueled after European Commission Jean-Claude Juncker scored in his visit to the US and persuaded Trump to hold off on auto tariffs. The removed an immediate threat to the German economy as well as other automakers.
At the time of writing, DAX is up 0.43%, CAC up 0.27%. FTSE is also up 0.43%. Earlier today, Nikkei closed up 0.56%, HK HSI was up 0.08%. China Shanghai SSE was down -0.3%. Singapore Strait Times was down -0.11%.
USD/CHF takes the lead ahead of US GDP data. The break of 0.9957 minor resistance argues that pull back from 1.0067 has completed at 0.9900 already. The move since 0.9787 maintains pattern of higher lows, higher highs, and thus retain near term bullishness in the pair. Intraday bias is turned back to the upside with 1.0067 back in focus.
