
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the cloud…
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Ichimoku Kinko Hyo
GBP/JPY: The pair is trading above the cloud. Further bullish pressure will lead the currency pair to retest the previous highs.
Fibonacci Levels
XAG/USD: Silver moves above 50 % retracement level. It seems that silver bulls have returned.
European Market View
European stock markets are seen opening lower Tuesday, as investors digest the collapse in talks over oil production levels between a group of major producers and the associated rise in prices. On a more positive note, U.K. Prime Minister Boris Johnson outlined plans on Monday to end all restrictions put in place to combat the Covid-19 virus in two weeks, even though the number of cases associated with the highly contagious delta variant is still increasing. Additionally, Germany announced plans to lift travel restrictions on fully vaccinated travelers from the U.K., and Portugal, from Wednesday, raising hopes of a summer vacation season. Orders for German-made goods posted their sharpest slump in May since the first lockdown in 2020, data showed on Tuesday, hurt by weaker demand from countries outside the euro zone and fewer contracts for machinery and intermediate goods. The data published by the Federal Statistics Office showed orders for industrial goods fell by 3.7% on the month in seasonally adjusted terms, marking the first drop in new business this year.
The dollar sold off in early European trade Tuesday, continuing its post nonfarm payrolls weakness, while both the Australian and New Zealand dollars strengthened amid signs that these economies are recovering strongly. The dollar has been dropping since Friday’s NFP, as although the release was upbeat, in that 850,000 jobs were added in June, it wasn’t sufficiently strong to push the Federal Reserve into tapering its asset buying anytime soon.
U.S. interest rate markets slightly softened their stance on early Fed tightening as a result of the jobs data, and that tone is likely to continue until Wednesday’s release of the minutes of the Fed’s June meeting. This was the meeting where officials brought forward their expectations of when interest rates will be raised to 2023.
EU Key Point
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now testing the lower level of the cloud…
Ichimoku Kinko Hyo CHF/JPY: The CHF/JPY pair is now testing the upper level of the cloud…
Ichimoku Kinko Hyo GBP/JPY: The GBP/JPY pair is now trading within the cloud…
The stock market has reversed, and now it’s going lower and lower…
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