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GBP/USD rallied towards 1.36

GBP/USD rallied towards 1.36

Information is not investment advice

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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.

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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.  

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