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EUR/USD and EUR/GBP moved sideways yesterday

EUR/USD and EUR/GBP moved sideways yesterday

Information is not investment advice

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Ichimoku Kinko Hyo

EUR/JPY: The EUR/JPY pair is now trading slightly above the Kumo. An upward wave would lead the exchange rate to retest the previous top. A failed attempt to move higher will push prices to enter the cloud.

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European Market View

Markets are awaiting Fed governor Powell's speech on Friday at Jackson Hole.

In the meantime, in the US durable goods orders will be released today, which is the best investment indicator of the US economy.

US stocks edged up at new records yesterday, while the session in Europe was more muted. Sector performance very aligned between the two regions though, as investors continued to buy the dip in the past week's sold sectors, including energy, consumer discretionary (the value part), materials and banks. Defensive sectors, such as health care, lagged. S&P went to new highs, up 0.2%, Dow 0.1%, and NASDAQ 0.5%. After days of massive catch-up, Asian markets are in small declines this morning. US futures also point to a muted opening.

In the FX space, EUR/USD and EUR/GBP moved sideways yesterday. SEK has had a rather strong start to the week with EUR/SEK moving towards 10.20.

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Bulls Are Coming Back

The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.

eur cad - canadian dollar stocks market usd
What to trade on June 20-24?

Last week was shocking!  The US dollar gained more than 2% against other currencies ahead of the 75-basis points rate hike by the Federal Reserve on Wednesday but dropped after the announcement…

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