Global equities continued to trade higher on Tuesday
Ichimoku Kinko Hyo GBP/JPY: The GBP/JPY pair is now trading slightly above the cloud…
Equity markets around the world were broadly lower yesterday
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The USD/JPY pair is now trading within the cloud. Any decisive movement to the south will push the exchange rate to exit the Kumo. On the other hand, if the buyers manage to withstand the sellers’ pressure, the currency pair will attempt to test the upper level of the cloud.
European Market View
Equity markets around the world were broadly lower yesterday with the energy sector going against the trend. One very big change from the movements observed on Monday is that risk appetite took a big hit yesterday and the cyclical value trade change to a defensive value trade as yields continued higher. Risk off move also seen in the VIX index rising to 23. In US FANMAG broadly lower while European tech companies took the biggest beating yesterday. In the U.S. major markets ended with the Dow -1.6%, S&P 500 -2.0% and NASDAQ -2.8%.
The negative tone has continued in Asia this mooring with most indices down 1-2%. Futures in Europe are flat this morning while optimism is creeping back in US with futures being up roughly 0.5%.
In the FX space, the broad-based risk-off mood as well as the spike in market volatility weighed heavily on risk-, commodity- and USD-rate sensitive currencies yesterday. Most heavily hit in G10 space was the GBP but also AUD, NZD and NOK posted large losses.
Michael Eliades
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