Equity markets were very heavy yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the cloud…
Stocks were moderately higher on Tuesday
Information is not investment advice
Ichimoku Kinko Hyo
EUR/JPY: The EUR/JPY pair is now trading slightly above the cloud. If the pair manages to withstand the sellers’ pressure, will fuel the pair to test the previous top. On the other hand, a downward wave would push the pair within the Kumo.
European Market View
Today's main event will be the FOMC meeting, where is expected that the Fed will announce tapering of their QE asset purchases. Tapering is expected start immediately in November with a pace of USD 15 billion per month, and with risks tilted towards a faster pace. The reaction in EURUSD to tonight's FOMC meeting may be volatile but spot is likely headed lower.
As for the Bank of England meeting, a dovish BoE may send EURGBP higher.
In the equities space, stocks were moderately higher on Tuesday, which was enough to tick in on new all-time highs. The inflation trade reversed somewhat with growth and quality among the outperformers, such as tech and health care. Dow Jones and S&P 500 closed up 0.4%, and NASDAQ 0.3%.
This morning, U.S. futures point lower in line with Asian markets down between -0.5% and -1%.
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