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EUR/USD rose but remains in the 1.1750-area

EUR/USD rose but remains in the 1.1750-area

Information is not investment advice

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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.

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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.

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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.

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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