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EURUSD remains in the area of 1.1350

EURUSD remains in the area of 1.1350

Information is not investment advice

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Ichimoku Kinko Hyo

GBP/JPY: The GBP/JPY pair is now testing the upper level of the cloud. An upward wave would lead the exchange rate above the Kumo with bullish implications. A failed attempt to move higher will push prices further down within the cloud.  

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Market View

Equity markets retreated somewhat on Thursday, with most markets recording slight declines. Defensives and growth outperformed, while value cyclicals such as materials and banks lagged. Major US indices closed the day as follows: S&P 500 closed up 0.3%, Dow Jones -0.2%, and NASDAQ 0.5%. Asian markets are rebounding this morning. On the other side of the Atlantic, US futures point higher as well.

In the FX space, yesterday's session was characterised by the rate cut-induced sell-off in TRY and also reflation sensitive currencies, MXN, NOK and ZAR posting losses. Turkish Central Bank cut its one-week repo rate by 1 percentage point to 15% sending USDTRY to 11.29. EURUSD remains in the area of 1.1350.

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