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Daily Report: Dollar Pares Gains as Markets Stabilize
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Markets stabilize in today's Asian session with dollar and yen giving back some of yesterday's sharp gain. Asian stocks opened lower following yesterday's -223 pts fall in DOW but recover. While much volatility was seen during the week, no breakthrough is seen in the markets yet and major currencies are settling back into last week's range even though some general strength is seen in the greenback on yesterday's rebound. With US markets on holiday today, it's likely that markets will remain indecisive to close the week. Though, some more volatility might be seen in European session with Eurozone retail sales, UK PMI Services and Swiss CPI featured. Swiss CPI is expected to be flat mom in Jun, and drop -1.1% yoy. Such reading will represent the largest annual drop in inflation in at least 33 years. Swissy's recovery against Euro is still in progress and is so far a bit stronger than expected but it should just be a matter of time when EUR/CHF's rally resumes. From Eurozone, finalized services PMI is expected to be unrevised at 44.5 in Jun but beware of revisions. Retail sales in Eurozone is expected to drop -0.2% mom, -2.8% yoy in May. UK PMI services is expected to drop slightly from 51.7 to 51.5 in Jun but remain above 50. Technically, there are two developments worth attention. Firstly, crude oil is now pressing double top neckline support at 66.37. Secondly, dow is possibly forming a head and shoulder top too. If both patterns are confirmed, dollar and yen will likely be boosted up on risk aversion. So, next week will likely be pivotal.
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