The dollar suffered losses against the rest of G10 yesterday
Ichimoku Kinko Hyo GBP/JPY: The GBP/JPY pair is trading within the cloud…
GBP/USD rallied towards 1.36
Information is not investment advice
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.
Michael Eliades
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3 Forex Pairs to Trade Right Now
The year started only a couple of weeks ago, but we already have a lot of fascinating movements in various trading instruments. To help you in trading, we choose several forex pairs that may surprise you and plunge greatly in a short period.
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