Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Brutal session in the equity markets yesterday
Information is not investment advice
Ichimoku Kinko Hyo
EUR/JPY: The EUR/JPY pair is now trading within the Kumo. Any decisive movement to the north will fuel the pair to exit the cloud, targeting the previous top and even higher. On the other hand, further bearish sentiment will lead the exchange rate to test the lower level of the Kumo.
Market View
Brutal session in the equity markets yesterday, where Inflation-fear, Fed-fear and recession fear sent European and American equity indices to new-year-to-date lows. Equities were in sharp sell-off, accelerating into the US session. S&P 500 was hammered -4% or -20% from peak and NASDAQ -5% or-30% from peak. The sell-off was broader based than the one at Friday session as the sharp jump in yields governed sector performance, rather than recession fears. Therefore, financials and staples were most resistant while energy and real estate sold off the most. However, US futures seen rebounding roughly 1% this morning.
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