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Indices were mostly lower yesterday, though off worst levels

Indices were mostly lower yesterday, though off worst levels

Information is not investment advice

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Ichimoku Kinko Hyo

USD/JPY: The USD/JPY pair is now testing the upper level of the Kumo. An upward wave would lead the exchange rate to retest the previous top. A failed attempt to move higher will push prices to enter the cloud.

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European Market View

Markets will look out for comments from 'ECB sources', giving more insights into the debates of the ECB Governing Council and yesterday's decision.

The UK monthly GDP indicator will likely show that GDP recovered further ground during July, but at a slowing pace.

In the equities space, indices were mostly lower yesterday, though off worst levels. S&P500 printed its fourth-straight decline with most sectors lower. Peculiar sector preference though, as value and cyclicals beat growth and defensives. Financials, energy and materials were the only sectors higher, and health care trailed. S&P 500 closed down -0.5%, Dow -0.4% and NASDAQ -0.3%. Asian markets are rebounding this morning, especially on tech shares. US futures also slightly higher.

CHF, JPY, GBP and NOK rose vis-à-vis EUR and USD yesterday. EUR/GBP dropped firmly below 0.86 and USD/JPY fell back below 110.

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Bulls Are Coming Back

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.

What to trade on June 20-24?

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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