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Monday starts on a quiet note in terms of data releases

Monday starts on a quiet note in terms of data releases

Information is not investment advice

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Ichimoku Kinko Hyo

GBP/JPY: The GBP/JPY pair is about to test the upper lower of the Kumo. A failed attempt to move higher will push prices into lower ground. Alternatively, an upward wave would lead the exchange rate to enter the cloud.

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European Market View

Monday starts on a quiet note in terms of data releases, although during the week there will be plenty of data in the calendar.

In the equities space, markets were in the red Friday, so the week closed lower from where it started. It is not in any way that much but simply just a bit choppier markets than earlier this year. This type of market conditions fits well with a macro environment where momentum is fading but growth is still very solid and this time around well above trend. In US Friday, Dow -0.8%, S&P 500 -0.8% and NASDAQ -0.9%. This morning in Asia, Hong Kong leading the way down with Hang Seng down 2% at the time of writing. European futures are slightly lower while US futures holding on to small gains.

In the FX space, with Fed in its silent period (ahead of the FOMC meeting) and ECB having already delivered, we are likely to continue to see a very high correlation between spot EUR/USD and equity sentiment. This week, focus will turn to the release of US CPI, retail sales and US regional surveys (empire and philly manufacturing), with the latter being leading indicators of ISM manufacturing.

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