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S&P500 ended the day lower by -1.1%

S&P500 ended the day lower by -1.1%

Information is not investment advice

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Ichimoku Kinko Hyo

CAD/JPY: The CAD/JPY pair is trading within the Kumo. If the bulls manage to withstand the bears’ pressure, the exchange rate will eliminate the upper level and the market will attempt to reach the previous top. Alternatively, a plunge of the currency rate will push the pair further down with bearish implications.

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Market View

Initial jobless claims in and United States today and it will be interesting to see what follows after last week's decline below 200,000.

The equity markets looked like rebounding yesterday but soon turned into risk-off in the US session as the first Omicron case had been detected in the country. Reopening plays were naturally among the worst performers in the US session. Value stocks and defensives held up relatively better, although most sectors sold off. This brought S&P500 ended the day lower by -1.1%, Dow Jones -1.3% and NASDAQ -1.8%. The fear index, VIX shot up further, ending north of 30. This is the highest print in implied volatility since January this year. Trading in Asia this morning is without any clear direction, while in the US futures have turned slightly positive.

In the EM front, Turkey’s President Recep Tayyip Erdogan abruptly replaced his finance minister amid deepening rifts in the administration over aggressive interest-rate cuts that have undermined the currency and fuelled inflation.

Turkey’s lira, already trading near record lows against the USD, weakened after the announcement on growing concern over Erdogan’s economic policy and the removal of officials who disagree with his priorities. The currency slipped as much as 2.1% Thursday and was trading 1% lower at 13.38 per dollar earlier this morning. Worth noting that the lira has lost more than 80% against the dollar since Jan 1st.

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