Equity markets were very heavy yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the cloud…
EUR/USD still seems to struggle to break through 1.16
Information is not investment advice
Ichimoku Kinko Hyo
EUR/JPY: The EUR/JPY pair is now trading within the cloud. A successful attempt to exit the Kumo will push prices towards the previous top. A failed attempt to exit the cloud, might lead the currency to retest the lower level of the Kumo.
European Market View
Global Markets are still watching closely for any developments coming from the heated oil and gas market or from China.
In the equity markets, investors bought the dip last week. Actors is the market picked up more than half of the September drop, with MSCI World a meagre -2% off its all-time highs. Friday was no exception, as equity markets were higher across the board. In the U.S., S&P 500 ended up 0.8%, Dow Jones 1.1% and NASDAQ 0.5%. Cyclicals were the clear outperformers, with industrials, consumer discretionary and banks at the top. It looks like appetite for risk continues into this week as well with U.S. futures pointing sharply higher.
In the FX space, price action over the last week have been heavily characterised by strong performance of commodity-sensitive currencies e.g. AUD, MXN, NZD and ZAR and where central banks have room to hike (irrespective of the central bank's communication). EUR/USD still seems to struggle to break through 1.16 and currently is hovering in the area of 1.1570.
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