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USD/JPY followed US yields lower yesterday
Information is not investment advice
Ichimoku Kinko Hyo
GBP/JPY: The GBP/JPY pair is now testing the previous support level. Any decisive bearish movement will lead the market to reach fresh lows.
European Market View
The US Empire index is the first regional survey for September. Consensus is a broadly flat number. Industrial production for the US is also released today and expected to show gain of 0.5% m/m. US import prices may also get some attention given the high focus on inflation.
On this side of the Atlantic, the euro area releases industrial production as well as labour costs. European Commission President von der Leyen will hold her annual State of the Union speech at 9:00 CEST, where green transition efforts will again be in focus.
Equities in a bit of a roller coaster ride yesterday. Conflicting economic signals challenges investors but at the end of the day, US equities closed near day low with all sectors lower. Growth reversed yesterday's underperformance and small cap underperformed large cap. Healthcare, tech fared best. In the US, Dow -0.8%, S&P 500 -0.6%, and NASDAQ -0.5%. News from Asia this morning rather downbeat but most markets are holding up quite well. European and US futures showing small gains.
In the FX space, spot dollar will remain highly driven by equity markets in the near term. USD/JPY followed US yields lower yesterday on the back of the CPI figures with the cross dropping from 110.1 to the 109.6 level.
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
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