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EURUSD continues to hover around 1.05

EURUSD continues to hover around 1.05

Information is not investment advice

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Ichimoku Kinko Hyo

USD/JPY: The USD/JPY pair is trading within the Kumo. An upward wave would lead the currency pair to exit the cloud, targeting the previous top. On the other hand, further drop of the market will push prices to find support at the lower level of the Kumo.

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Market View

Chinese PMI released over the weekend fell substantially in the month of April as the "zero-Covid" lockdowns hampered not only manufacturing production but also service production. Manufacturing PMI fell from 49.5 to 47.4 and service from 48.4 to 41.9 - the latter being the lowest since February 2020.The statistics bureau said that the drop both reflected declines in de supply and demand.

In Europe, EU energy ministers are due to hold an emergency meeting today to discuss the implications of the Russian decision to cut off the gas deliveries to Poland and Bulgaria last week. It seems that an oil embargo on Russia will be on table as Germany have now confirmed that it can replace Russian crude deliveries by late summer. However, the weak Chinese PMI data have pushed priced down towards USD 106 USD a barrel this morning.

In the FX space, EURUSD continues to hover around 1.05. The Norwegian Krona was the biggest loser among majors last week posting a loss of almost 5% vs the USD.

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