EUR/USD trades just north of 1.17
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now testing the upper level of the Kumo…
There is likely further downside risk for EUR/USD
Information is not investment advice
Ichimoku Kinko Hyo
NZD/JPY: The NZD/JPY pair is now testing the Kijun sen level. An upward wave would lead the exchange rate towards the Tenkan sen level and further up towards the previous top.
European Market View
Plenty of economic data out this week, where first comes the PMIs for the Euro area and US. Furthermore, there is German IFO indicator, US GDP numbers on Thursday and US personal income and spending data on Friday.
We are seeing a bit more positive market sentiment this morning with Asian equity markets rising combined with a slight rise in Treasury yields, although the 10Y continue to trade around 1.25%.
The USD also weakened modestly. For EUR/USD, attention will turn to the release of manufacturing PMIs. There is likely further downside risk for EUR/USD and EUR/JPY alike.
Equities recouped some of the losses last Friday. The accumulated loss amounted to -1.5% for the week. Defensives took a breather on Friday but in its place investors bought into quality, while value cyclicals and banks remained laggards. In the US, S&P 500 closed up 0.8%, Dow 0.7% and Nasdaq 1.2%. Asian markets are bouncing around 2% this morning with tech rebounding. US futures point positive also.
The rebound in the equity market is mainly seen as investors took the opportunity to buy at the dip, after the recent decline and while we wait for more information on the rise of the infections in the global economy as well as the comments from the Federal Reserve Chairman at the Jackson Hole conference, that will be taking place this week.
Michael Eliades
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