EUR/USD trades just north of 1.17
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now testing the upper level of the Kumo…
EUR/USD rose but remains in the 1.1750-area
Information is not investment advice
Ichimoku Kinko Hyo
EUR/JPY: The EUR/JPY pair is now testing the upper level of 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.
European Market View
There are no major releases in the calendar for Tuesday.
In the US new home sales will be released later today. New home sales have dropped from the COVID-induced pick-up but is expected to have rebounded slightly in July.
Markets are awaiting Powells speech on Friday at the Jackson Hole conference and whether he will strike a more dovish tone than previously expected.
The equity markets around the world started the week on a strong note as the rebound continued. Sector performance reversed, with last week's losers like energy, materials and industrial among the winning sectors. Likewise, overbought defensives from last week, such as utilities and real estate, lagged. Gains in US stocks were relatively broad based, a third of the S&P500 higher.
S&P is just off record highs up 0.9%, Dow 0.6% and NASDAQ 1.6%. The rebound continuing in Asia this morning, with markets up 1-2%, with outperformance in Hong Kong as tech shares recoup some losses. US futures point to another positive opening.
In the FX space, EUR/USD rose but remains in the 1.1750-area.
Michael Eliades
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