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Risk warning: ᏟᖴᎠs are complex instruments and come with a high risk of losing money rapidly due to leverage.

76.5% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider.

You should consider whether you understand how ᏟᖴᎠs work and whether you can afford to take the high risk of losing your money.

There is likely further downside risk for EUR/USD

There is likely further downside risk for EUR/USD

Information is not investment advice

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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.

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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.

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The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.

What to trade on June 20-24?

Last week was shocking!  The US dollar gained more than 2% against other currencies ahead of the 75-basis points rate hike by the Federal Reserve on Wednesday but dropped after the announcement…

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