The VIX index rose to the highest level since early December
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the Kumo…
NOK and USD were top performers among G10 currencies yesterday
Information is not investment advice
Ichimoku Kinko Hyo
NZD/JPY: The NZD/JPY pair is now testing the lower level of the Kumo. A failed attempt to move higher will push prices down to test the Kijun sen level and even lower to the previous support level.
European Market View
Very thin volumes in the other side of the Atlantic yesterday as US markets were closed for holiday. Europe and Asia however edged higher. Growth and quality took stocks the lead, with tech and health care among the winning sectors, as markets discounted lower rates for longer. Risk on, with cyclicals generally ahead, beating defensives stocks. Stoxx 600 ended the day up 0.7%, Stockholm 1% (compounders and investment companies in the lead) Copenhagen 0.7%, Oslo 1.4% and Helsinki 0.6%. Asian markets are mostly higher, not least in Japan adding another 2% on stimulus hopes. US futures points to a slightly positive opening.
Elsewhere, the Reserve Bank of Australia (RBA) decided to go ahead as planned with tapering its bond purchases from AUD 5bn to 4bn/week, seeing the economic setback as only temporary.
In the FX space, NOK and USD were top performers among G10 currencies yesterday vis-à-vis AUD, NZD, GBP and SEK. EUR/USD fell towards 1.1860.
Michael Eliades
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