Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Friday's markets were in red
Information is not investment advice
Ichimoku Kinko Hyo
GBP/JPY: The GBP/JPY pair is trading near the lower level of the Kumo. Any decisive movement to the south will push prices to exit the cloud, attempting to retest the previous low. On the other hand, an upward wave would lead the exchange rate towards the upper level of the Kumo.
Market View
The new variant of the virus that got the name Omicron starts to be of concern. The variant is spreading in many countries and already there are confirmed or suspected cases in the UK, Belgium, Italy, Germany, the Netherlands, Australia, Hong Kong and Israel –just to mention a few.
In the equity space, Friday's markets were in red, and risk-off sentiment was evident across equities, bonds and commodities, as Covid spooked markets yet again. It was a classic risk off session, with cyclicals clearly underperforming and VIX spiking at 30. Energy, autos and banks were hit the worst, with sharp declines in the -4% to -5% range. Regionally, Europe was hit the worst while on the other side of the Atlantic, major indices closed as follows: Dow Jones -2.5%, S&P 500 down -2.2%, and NASDAQ -2.2%. US futures are rebounding this morning, but Asian markets remain in the -0.5% range.
Similar
Brutal session in the equity markets yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
The U.S. economy added 390,000 jobs in May
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
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