Equity markets were very heavy yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the cloud…
Equities began the week on a higher note, lifted by energy and financials
Information is not investment advice
Ichimoku Kinko Hyo
CHF/JPY: The CHF/JPY pair is now trading within the cloud. An upward wave would lead the exchange rate above the upper level of the Kumo. A failed attempt to move higher will push prices below the cloud and even lower to test the previous support level.
European Market View
Equities began the week on a higher note, lifted by energy and financials. Value stocks outperformed growth and small cap outperformed large cap as tech and health care were sold off. The risk on mode yesterday took VIX back down below 20. In the US, Dow Jones was up +0.8%, S&P 500 +0.2%, and NASDAQ slightly lower by -0.1%. The positive tone continuing this morning with most Asian market higher and the same goes for European and US futures.
In the FX space, EUR/USD continues to move largely in line with global equities and relatives such as US vs Europe, or value versus growth. Although there are a few noticeable releases this week, it should be largely expected that the very high correlation between EUR/USD and equities continues as the market narrative will be largely unchanged up until the FOMC meeting next week. At the time of writing this EURUSD was trading at 1.1820 area, while USDJPY is marginally above 110.00 mark.
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