Ella 
The US dollar rose above 105 yesterday, but is now back below 105. The euro also fell below 1.07 and then recovered, but has room to fall to 1.06 within the next month. The Australian dollar and pound rebounded slightly, but must remain above 0.64 and 1.25 to avoid falling again towards 0.63 and 1.24. EUR/JPY and USD/JPY are lower but can find support around 157 and 146 respectively. USD/CNY is expected to rise towards 7.38/40. USD/RUB above 98 can move towards 99-100. EUR/INR bullish above 89, otherwise fall to 88 soon. USD/INR resistance is at 83.25/83.30. Need to watch whether the RBI will intervene to prevent rupee depreciation above 83.30.
U.S. Treasury yields plunged. Downside is likely to be limited, with the broad outlook bullish for further gains. German Bund yields fell, but could pick up again and keep the rally intact. The 10-year German Bund yield fell sharply. While further declines are not ruled out, there is support to limit its decline and trigger a reversal. The broad trend is up. The 5-year yield retraced its narrow range, falling within the range.
The Dow rebounded and stabilized above 34,400, but it must rise above 34,700 to ease the downward pressure. The German DAX index and the Shanghai Composite Index remain bearish in the short term. Nifty index remains bullish and is expected to rise towards 19,800-20,000 points. The Nikkei is back below 33,000 and, contrary to our view, is expected to fall further towards 32,000.
Brent and WTI are down but may find support at $89-88 and $85. Gold and natural gas recovered as they held support at $1940 and $2.50. Silver prices are also recovering, but if the rally continues towards $24. Copper prices have room to test $3.70 or even $3.68/3.65, and then rebound.
