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The US equities market slipped on Wednesday
Information is not investment advice
Ichimoku Kinko Hyo
NZD/JPY: The NZD/JPY pair is now trading above the Kumo in an uptrend. The next resistance is the previous peak. A failed attempt to move higher will lead the exchange rate down to the upper level of the cloud.
The US equities market slipped on Wednesday after days of straight gains. Performance per sector was a classic risk-off mode, with defensives (real estate, tech and health care) the only sectors gaining. One sector that stood out, was the autos rising 3% on average. Major indices closed Wednesday as follows: S&P 500 down -0.3%, Dow Jones -0.6% and NASDAQ -0.3%. Declines are following in Asia this morning, with Hang Seng worst hit on tech weakness. US futures however, are slightly higher this morning.
In the FX space, yesterday's session was primarily characterised by the drop in commodity prices, which highlighted the importance of the broader rise in USD on Tuesday. The drop unsurprisingly weighed on most commodity currencies with AUD, CAD and NOK being the underperformers in the European session. EURUSD did little on the day and currently is hovering in the area of 1.1330.
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Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus