Global equities continued to trade higher on Tuesday
Ichimoku Kinko Hyo GBP/JPY: The GBP/JPY pair is now trading slightly above the cloud…
Equities rebounded on Tuesday, following Monday's tech-driven sell-off
Information is not investment advice
Ichimoku Kinko Hyo
GBP/JPY: The GBP/JPY pair collapsed in today’s session and is now testing the lower level of the Kumo. Further bearish momentum will lead prices to exit the cloud, pushing the currency pair into lower ground.
European Market View
Equities rebounded on Tuesday, following Monday's tech-driven sell-off. Cyclicals beat defensives and growth generally beat value as tech rebounded. Defensives where in the bottom, with real estate and utilities the only sectors lower. In the U.S., Dow Jones closed up 0.9%, S&P 500 1.1% and NASDAQ 1.3%. Implied volatility inched slightly lower. Opposite moves in Asia this morning though, with markets down another -1% while China is still closed for holiday. Similarly, U.S. futures are down into red again this morning.
In the FX space, despite of a global rally in risk and EUR/USD having shifted lower over recent weeks. In a day like yesterday, EURUSD should have moved higher, however it was little changed below the 1.1600.
Michael Eliades
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