Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Global equities moved higher Friday once again
Information is not investment advice
Ichimoku Kinko Hyo
EUR/JPY: The EUR/JPY pair is now testing the lower level of the Kumo. Further bearish sentiment will push the market to test the previous bottom. Alternatively, if the currency pair manages to enter the cloud will attempt to retest the upper level of the Kumo.
European Market View
Global equities moved higher Friday once again, while Emerging Markets lagged driven by Chinese stocks. US stocks have had an impressive run with S&P500 higher in 16 out of the last 18 trading days. Friday gave renewed tailwind for value stocks after suffering Thursday. In the US on Friday, Dow Jones ended up higher by +0.6%, S&P 500 by +0.4% and NASDAQ by +0.2%. The positive tone from Friday on Wall Street has not carried over to EM where markets are lower this morning. Futures in Europe and US were also lower this morning.
In the FX space, EURUSD temporarily dropped to 1.1510 on the relatively strong US jobs report on Friday, however it quickly rebounded. EURGBP held on to the gains after the dovish BOE meeting Thursday trading in the 0.855-0.86 area.
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