Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
The U.S. economy added 390,000 jobs in May
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Ichimoku Kinko Hyo
USD/JPY: The USD/JPY pair is now trading above the Kumo. Further bullish sentiment would lead the market into fresh highs. Alternatively, a plunge of the market might bring the exchange rate within the cloud.
Equity futures were higher in early Monday morning trading after a losing week as investors continued to bet that the Federal Reserve will tighten monetary policy aggressively to combat inflation.
Futures on the Dow Jones gained 132 points, or 0.4%. S&P 500 futures and Nasdaq 100 futures rose 0.57% and 0.77%, respectively.
The early morning action followed another disappointing week for investors as the major averages suffered modest losses. The blue-chip Dow Jones fell 0.9% for its ninth negative week in 10, while the S&P 500 and the Nasdaq Composite lost 1.2% and 1%, respectively, last week for their eighth losing week in nine.
The U.S. economy added 390,000 jobs in May, which came in better than expected despite fears of an economic slowdown and amid the roaring pace of inflation. Some investors believe the strong hiring data could be clearing the way for the Fed to remain aggressive.
Investors will be focusing on the CPI reading for May, which is slated for Friday morning release. The key inflation figure is expected to be just slightly cooler than April, which could be interpreted by some as a confirmation that inflation has peaked.
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
Ichimoku Kinko Hyo NZD/JPY: The NZD/JPY pair is now trading into fresh high…
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.