
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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Ichimoku Kinko Hyo
EUR/JPY: The EUR/JPY pair is now testing the upper level of the Kumo. A higher thrust of the market will lead the exchange rate to exit the cloud with bullish implications. Alternatively, further drop of the rate will push the market deeper in the Kumo.
Market View
The sector rotation was very evident last week, with banks outperforming tech. Such sharp rotation has not been seen in a week since March 2021. Valuation has been the main theme, while the segregation between defensive and cyclicals has played a less crucial role. Energy stocks and banks gained 1.5%, while tech and consumer discretionary sold off 1-2%. Dow Jones closed unchanged, while S&P 500 was down -0.4% and NASDAQ -1%. Asian markets are trading slightly higher. US futures are also a bit higher as investors are buying the dip.
In the FX space, EUR/USD touched briefly the 1.135 level and GBP/USD rallied towards 1.36 as the dollar took a hit following mixed news on the US jobs market.
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
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.
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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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