Equity markets were very heavy yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the cloud…
Markets mostly turned lower on Tuesday
Information is not investment advice
Ichimoku Kinko Hyo
AUD/JPY: The AUD/JPY pair is now testing the upper level of the Kumo. An upward wave would lead the exchange rate to retest the previous peak. On the other hand, a break back below the upper level of the Kumo will push the market within the cloud, with further bearish implications.
Market View
Yesterday we saw one of the first indicators in regards to the impact on the Russian economy as the service PMI for March falls to 38.1 from 52.1 in February. The decline in business activity and new orders (both domestic and foreign) explains the setback as firms also cut back on staffing amid weak demand. Looking ahead, further decline in the indices can be anticipated as western supplies are further curtailed over time plus new sanctions being considered, suggesting that the worst has not been seen yet.
Yesterday EU announced that they are set to stop buying Russian coal in the next leg of sanctions, and only ending oil and gas at a later stage, however a date was not specified.
In the equity space, markets mostly turned lower on Tuesday. Value outperformed growth by more than 100bp and defensive stocks beat cyclicals. Dow Jones closed lower by -0.8%, S&P500 -1.3% and NASDAQ -2.3%.
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