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EURUSD slipped back below 1.13

EURUSD slipped back below 1.13

Information is not investment advice

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Ichimoku Kinko Hyo

CHF/JPY: The CHF/JPY pair is now testing the upper level of the Kumo. An upward wave would lead the exchange rate to retest the previous top. If the bears manage to withstand the bulls’ pressure, the market will move lower with bearish implications.

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Market View

Equity markets started the week on a strong note as a narrative of a less deadly covid-19 variant – the Omicron – is developing. The recovery yesterday lifted some of the hard-hit sectors such as consumer service. Volatility dropped a tad, however VIX still remains at 27 and small cap equities outperformed large cap. Growth and momentum stocks still struggling as with value outperforming for its fourth consecutive day. Major indices in the U.S. closed the first day of the week as follows: Dow Jones up by +1.9%, S&P 500 +1.2%, and NASDAQ +0.9%. Optimism continues to form in China this morning with Japan’s Nikkei 225 and Chinas Shanghai index sharply higher. Both European and U.S. futures are pointing to a positive opening.

In the FX space, as risk appetite returned into the markets yesterday AUD, CAD and NOK, got a lift higher vis-à-vis CHF and JPY. EURUSD slipped back below 1.13, while USDJPY is the between 113.50 and 114.

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Bulls Are Coming Back

The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.

What to trade on June 20-24?

Last week was shocking!  The US dollar gained more than 2% against other currencies ahead of the 75-basis points rate hike by the Federal Reserve on Wednesday but dropped after the announcement…

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