Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Communication services and technology stocks led the gains
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The USD/JPY pair is now testing the upper level of the Kumo. An upward wave would lead the exchange rate towards the previous top. On the other hand, a breach of the upper level of the Kumo will push the market within the cloud.
The international community condemned the actions in Butja, Ukraine, looking to impose a new wave of sanctions. It is unclear what measures the West will take on Russia, particularly since Germany does not want to impose measures that would hurt the German/European population. That likely also means that a full embargo on gas and oil is questionable, but the issue will be discussed today according to Eurogroup head Donohoe. Media reported that France and Germany may want to expel Russian embassy staff. US President Biden aide said that they would impose new sanctions on Russia this week. Bloomberg reported that the US Treasury halted dollar payments from Russian government accounts at US financial institutions.
Equities were higher on Monday, largely led by growth stocks on both sides of the Atlantic. Communication services and technology stocks led the gains while defensives and banks underperformed. Dow Jones closed up +0.3%, S&P500 +0.8% and NASDAQ 1.9%. US futures have dipped into negative territory this morning.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?