Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above 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.
A United Nations agency is warning that the central bank’s actions create a high risk of pushing the global economy into recession.
Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.