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EUR/USD remaining steady around 1.1800

EUR/USD remaining steady around 1.1800

Information is not investment advice

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Ichimoku Kinko Hyo

CAD/JPY: The CAD/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

Global markets were still digesting the comments from Powell on Friday. Equities continued to rise at the start of the week, on continued support from the monetary policy.

Asian markets are mixed this morning with Hong Kong lower as Chinese service PMI softened in August on the back of increased restrictions following spikes in the delta variant. European and US futures slightly higher this morning.

Global stocks were higher yesterday on the back of the dovish surprise from Powel Friday. With US 10 year yields dropping back below 1.3% growth stocks were the notable outperformer of value yesterday with large cap tech stocks leading the way. Banks have stayed behind at this point together with energy despite oil price ending higher. In US S&P500 posted the 12th record high for the month. The Dow Jones ended the day with -0.2%, S&P 500 +0.4%, and NASDAQ +0.9%.

In the FX space yesterday's session marked a fairly slow start to the week for FX markets with EUR/USD remaining steady around 1.1800.

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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.

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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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