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…
USDJPY dropped below 110
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The USD/JPY pair is trading within the Kumo. Further bullish momentum will lead the pair to exit the cloud.
European Market View
Main event in today’s calendar is the FOMC meeting – the announcement of which comes at 20:00CEST. In today’s meeting it is broadly expected that the Fed will repeat that high inflation is mostly transitory and the recovery of the labour market has further to go.
EU has put the threat of immediate legal action against UK on hold to give some room for more talks to find a solution to the recent conflict over the Brexit agreement.
US Stocks declined 0.5% yesterday led by tech stocks ahead of some key earnings reports from big tech companies. Apple reported a strong fiscal Q3 earnings report but the share dropped due to warnings from the company that chip shortages could impact sales this quarter.
The Chinese stock rout took a breather overnight with the Chinese index in Hong Kong in slightly positive territory. After a fall of approx. 17% over the past month, the index trades at a five-year low. It follows China's recent crackdown on some big tech companies and on the private education sector, which has spooked investor sentiment with rumours of big outflows from US investors.
In the FX space the green back continued to weaken against other currencies, with the EURUSD climbing again over 1.18, while the USDJPY dropped below 110.
Michael Eliades
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