The dollar suffered losses against the rest of G10 yesterday
Ichimoku Kinko Hyo GBP/JPY: The GBP/JPY pair is trading within the cloud…
Commodity currencies continued to rally yesterday
Information is not investment advice
Ichimoku Kinko Hyo
NZD/JPY: The NZD/JPY pair is trading slightly above the Kumo. A successful attempt to exceed the Tenkan sen level will fuel the pair towards the previous top. On the other hand, a drop of the market will lead the exchange rate within the cloud.
Market View
The tensions between United States and the Russian Federation over Ukraine continues despite the meeting between Biden and Putin yesterday, however the market impact has been modest as equity markets are focused more on the potential impact from Omicron, the new variant of corona virus that was detected late last month in South Africa.
Equity markets had an impressive turn around Tuesday as the narrative that Omicron may be very infectious but less deadly got more attention. Risk-on sentiment gave most sectors a lift higher with the cyclical and long-duration plays outperforming. Volatility dropped sharply and the VIX index fell below 22. Major equity markets in the United States ended the day as follows: Dow Jones up by +1.4%, S&P 500 +2.1%, and NASDAQ an impressive +3.0%. Risk on sentiment continues over in Asia this morning with most indices being in the green despite somewhat negative news around property developers in China. European futures are flat while U.S. futures are slightly higher.
In the FX space, commodity currencies continued to rally yesterday with AUD, CAD and NOK leading the way.
Michael Eliades
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3 Forex Pairs to Trade Right Now
The year started only a couple of weeks ago, but we already have a lot of fascinating movements in various trading instruments. To help you in trading, we choose several forex pairs that may surprise you and plunge greatly in a short period.
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