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EURUSD traded sideways above 1.12 yesterday
Information is not investment advice
Ichimoku Kinko Hyo
GBP/JPY: The GBP/JPY pair is trading slightly above the Kumo. If the bulls manage to withhold the bears’ pressure, the currency pair will climb towards the previous top. On the other hand, a break below the thin cloud will push the market into a bearish sentiment.
Market View
Equity indices closed mixed on Tuesday as European performance dragged down overall performance. It could look like a classic risk-off sentiment with VIX higher, large cap outperforming small cap and defensives outperforming cyclicals. However, from the way funds were positioned it comes down to inflation concerns and rising bond yields. This is the reason for value stocks outperforming defensives and energy, banks and materials being the best performing sectors. On the other side of the Atlantic, equities ended mixed but way off day lows. Dow Jones closed up +0.6%, S&P 500 +0.2%, and NASDAQ -0.5%. Asian stocks are mostly lower this morning dragged down by Nikkei. US and European futures slightly lower.
In the FX front, EURUSD traded sideways above 1.12 yesterday, while EURGBP moved back above 0.84 amid overall risk-off sentiment. In the EM space, USDTRY rose more than 12% yesterday north of 13. It is worth noting that the Turkish lira has lost more than 40% of its value in less than a year.
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