Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Indices were mostly lower yesterday, though off worst levels
Information is not investment advice
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.
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.
A United Nations agency is warning that the central bank’s actions create a high risk of pushing the global economy into recession.
Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.