Ipek Ozkardeskaya
Swissquote Bank Ltd
Last week ended on an ugly note, really, as the jobs data from the US revealed throughout the week was weak, but maybe not weak enough to tilt the Federal Reserve (Fed) expectations toward a clear direction. US yields fell and the equities fell, the USDJPY fell to the lowest levels since August meltdown.
And if it’s not enough, the data released in the earliest hours of this week pointed that the Japanese economy recovered slower-than-expected but that the price pressures remained higher than expected in Q2, and that inflation in China came in below estimates as well, not helping to relieve the growing tensions about China and its sputtering economy. The Nikkei index is down by more than 0.60% at the time of writing and China’s CSI 300 is down by more than 1%.
US crude fell 1.75% on the back of the mixed US jobs data on Friday, closed last week below the $70pb psychological level, copper futures remain below the 200-DMA. Good news is, US futures are in the positive, hinting that we could see a small rebound after last week’s heavy selloff as attention shifts to Apple’s product reveal, US CPI update and the European Central Bank (ECB) decision.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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