China’s rebound and energy prices
China's economy is rocketing. On the other hand OPEC+ countries take the decision to cut the production. What will be the impact on the oil price?
EURUSD remains largely range bound in the area of 1.13
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The USD/JPY pair has just eliminated the lower level of the Kumo. Further bearish sentiment will push prices towards the previous bottom. On the other hand, an upward wave would lead the exchange rate to enter the cloud.
Market View
Today's key release is the US jobs report.
Equity markets fell yesterday but sector/style rotation remains the big story with 10%-point performance difference between energy and tech with the New Year. Major indices closed as follows in the US: Dow Jones down by -0.5%, S&P 500 -0.1% while NASDAQ closed marginally up +0.1%. Sentiment in Asia this morning with Hang Seng leading the way. Futures in Europe and US in marginally higher.
EURUSD remains largely range bound in the area of 1.13, as weak equities are negative for the USD whereas strengthening commodities are negative for the EUR.
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