Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
European markets gradually rose during the session
Information is not investment advice
Ichimoku Kinko Hyo
CAD/JPY: The CAD/JPY pair is now testing the Tenkan sen and Kijun sen levels. Any violation of these levels will push prices down to the previous bottom. Alternatively, a bounce up would lead the market within the Kumo.
Market View
Some twenty Central Banks hold meetings this week as inflation keeps rising. Worth noting that Fed, ECB, BoJ and BoE together are responsible for half of the world’s economy.
In the equities front, improving inflation data helped improve the initially sour risk appetite on Friday. European markets gradually rose during the session, closing moderately lower and US markets higher. Growth stocks and defensives were leading the markets higher, helped by lower yields. Tech stocks and consumer staples were among the best performers, while banks lagged. Dow Jones closed higher by 0.6%, S&P +1% and NASDAQ +0.8%. The FANGMAN complex has now hit a new ATH at USD11.2tn, mostly driven by APPL. The fear index VIX moved south of 20. Tech is driving gains in Asia this morning as well. US futures are pointing slightly higher.
In the FX space, last week was characterised by a relief setback to the USD post US inflation while some of the more risk- and commodity sensitive currencies in GBP, MXN and RUB gained. EURUSD is now back above 1.13. In the EM space, S&P cut Turkey’s credit outlook from stable to negative citing plunging Lira and rising inflation. Lira took another dive this morning on the back of the downgrade and currently trades north of 14.40 against the dollar.
Similar
Brutal session in the equity markets yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
The U.S. economy added 390,000 jobs in May
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
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