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Equity markets kept declining on Tuesday

Equity markets kept declining on Tuesday

Information is not investment advice

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Ichimoku Kinko Hyo

NZD/JPY: The NZD/JPY pair is trading between the Tenkan sen and Kijun sen level. An upward wave would lead the rate above the Tenkan sen level, targeting the previous peak. A drop of the market below the Kijun sen level will push prices to find support at the upper level of the Kumo.

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Market View

Equity markets kept declining on Tuesday, driven mostly by hawkish tone from the Fed and gloomy vaccine outlook from a major vaccine company. Cyclicals held up the best, especially long duration/growth. Tech, autos and retail were among the best sectors, while telecom and utilities sold off -3% each. Major indices such as the S&P500 and Dow Jones closed down -1.9% while NASDAQ -1.6%. The sentiment is reversing in Asia this morning though and US futures have turned positive.

In FX space EURUSD reversed some of the recent gains and risk sensitive currencies such as NOK or the SEK came under pressure. The market volatility this week underlines the market uncertainty that gets created by the combination of Omicron, Fed rhetoric and recent data surprises like European inflation.

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