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EURUSD dropped further yesterday

EURUSD dropped further yesterday

Information is not investment advice

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Ichimoku Kinko Hyo

CHF/JPY: The CHF/JPY pair is now testing the Kijun sen level. If the pair manages to withstand the bears’ pressure, it will climb higher towards the previous top. A break back below will push prices to find support at the upper level of the Kumo.

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European Market View

Gas prices surge in Europe took a breather yesterday after comments from President Putin that Russia was willing to send more gas via Ukraine than contracted this year, sending prices down nearly 7%. However, European governments are growing increasingly concerned that the fast rise in energy prices could endanger an already fragile recovery.

In equities, the day started in risk off, however market sentiment gradually improved on Wednesday. European markets lower, but US gradually higher and even managed to close the day in green as investors bought into utilities, real estate and consumer staples. Health care were among the worst performers together with materials and energy. All in all, defensives were generally in favour and growth beat value. S&P 500 rose by 0.4% and is now slightly up for the week, NASDAQ 0.5%, and Dow Jones 0.3%. Sentiment is rebounding in Asia this morning too, with indexes in the area of 1-2.5% as investors buy the dip in tech. Optimism extending into the US, with futures signalling another day in the green.

In the FX space, EURUSD dropped further yesterday and risks remain to the downside. The first RBNZ hike in 7 years did not end up being a major catalyst for NZDUSD.

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