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 trades just north of 1.17
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The USD/JPY pair is now testing the upper level of the Kumo. If the bulls manage to withhold the bears’ pressure, it will move above the Kijun sen level with more bullish implications. A failed attempt to move to the north will push prices within the cloud.
European Market View
This week markets will focus on a range of Fed speakers following last week's FOMC meeting: Williams, Brainard and Evans are on the wires today. ECB's Lagarde will also give a speech in the EU parliament hearing today, and ECB will have its annual forum tomorrow and Wednesday.
China's Evergrande developments will also remain in focus with more bond payments due this Wednesday. Chinese September PMIs will be released on Thursday,
In the equities space stocks ended the week broadly unchanged but with huge sector and regional differences both on Friday and through the week. Lots of mowing parts but the fact that yields took a big jump higher on the back a busy central bank week gave renewed tailwind for value companies. US equities on Friday mostly higher with Dow +0.1%, S&P500 +0.2%, and NASDAQ -0.03%. Volatility came back down after the spike Monday and the Evergrande fear diminishing. The VIX index ended the week at 18 after being close to 30 on Monday. This morning markets are mixed in Asia while US and European futures suggest a positive opening.
In the FX space there has been no market reaction to the German election. EUR/USD trades just north of 1.17 - essentially unchanged levels compared to a few days ago.
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