Equity markets were very heavy yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the cloud…
GBP/JPY: Remains at multi month highs
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
Fibonacci Levels
XAU/USD: Gold facing a further weakness the last hours and trading near a full retracement area. Gold continues to flirt with session lows and disappoints once more many buyers.
US Market View
U.S. stocks are seen opening mixed Tuesday, with the rotation into value stocks continuing on recovery expectations while tech companies struggle under the weight of higher Treasury yields. The tech-heavy Nasdaq has underperformed of late as rising bond yields have raised concerns about inflated valuations. The benchmark 10 yr Treasury yield traded at 1.77%, its highest level since the start of the pandemic.
U.S. Treasury bond yields rose, pulling the dollar higher and gold lower as markets braced for the announcement of President Joe Biden’s infrastructure spending plans in a speech on Wednesday. Oil prices edged lower Tuesday as shipping resumed through the Suez Canal and the focus turned to the meeting of the Organization of Petroleum Exporting Countries and its allies, a grouping known as OPEC+, later this week.
The market is expecting the surge of Covid cases in Europe, not to mention the rising numbers in important emerging markets like India and Brazil, to keep the cartel from increasing supply levels to any great degree when they get together on Thursday.
USA Key Point
- France says that it is targeting about 2 million vaccine injections this week.
- Higher yields the focus once again so far today.
- BOJ purchases ¥50.1 billion worth of ETFs today.
- USD/JPY breezes past 110.00 as higher yields underpin the dollar.
- Gold eases back below $1,700 as the outlook remains rather gloomy.
- AUD/USD hangs on in there, but any upside momentum still left wanting.
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