Equity markets were very heavy yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the cloud…
EURUSD is still in the low 1.05 area
Information is not investment advice
Ichimoku Kinko Hyo
NZD/JPY: The NZD/JPY pair is now testing the lower level of the cloud. A tumble of the market will lead the exchange rate to exit the Kumo, targeting the previous low. Alternatively, an upward wave would push prices towards the upper level of the cloud.
Market View
Yesterday there was a trading error at a trading desk at Citigroup in London that caused the sudden drop of 8% in OMX in Sweden that immediately spread to the other Nordic and European bourses. Note that markets very quickly recovered the drop and the OMX Stockholm 30 Index closed down by 1.9% in line with other European indices.
Equities in different directions, as US rebounded from Friday's markets and Europe was in catch-up. Sector performance reversed, with tech rebounding and defensive stocks like consumer staples underperforming. Dow Jones closed marginally higher +0.3%, S&P500 0.6%, and NASDAQ 1.6%. Futures point to another positive opening today.
In the FX space, EURUSD is still in the low 1.05 area, while EURGBP continues to range-trade around 0.84 as expected.
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