Equity markets were very heavy yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the cloud…
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.
Market View
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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