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A hawkish ECB may be a mild positive for EURUSD
Information is not investment advice
Ichimoku Kinko Hyo
CAD/JPY: The CAD/JPY pair is now trading within the Kumo. A drop of the market will push prices to retest the previous low. On the other hand, an upward wave would fuel the pair above the upper level of the cloud, targeting the previous top.
Market View
A very light calendar today with the focus shifting toward the outlook for central bank policy tightening and further details on EU's next round of sanctions on Russia.
Global equities ended almost flat yesterday after a volatile session in both the United States and Europe. While U.S. ended close to day’s high, Europe ended close to day’s low. Defensive stocks massively outperformed yesterday as investors were not willing to go into bonds but at the same time too worried about the economic outlook to buy cyclicality. Value outperformed growth for the third day in a row. In US Dow Jones closed +0.3%, S&P 500 +0.4% and NASDAQ +0.1%. Asian markets are mostly higher this morning.
In the FX front, a hawkish ECB may be a mild positive for EURUSD on the day of the upcoming ECB meeting however is not viewed as a long-term game changer.
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