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USD/JPY followed US yields lower yesterday

USD/JPY followed US yields lower yesterday

Information is not investment advice

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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.

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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.

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