The USD/JPY tests 160.00 [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

The S&P500 record its best performance since October 2023 despite unfavourable economic data for both the US economic outlook and Federal Reserve (Fed) expectations last week. Tech stocks led the rally, market reaction to Big Oil’s weak earnings was mixed wile Friday’s higher-than-expected core PCE print didn’t weigh much on investor sentiment, as most of the price action due to the inflation disappointment happened after Thursday’s GDP report.

This week, two more Magnificent 7 companies – Apple and Amazon – will report their Q1 earnings, the US will reveal the latest jobs data and the Fed will decide.

In currencies, the USDJPY flirted with the 160 level this morning on thin market liquidity due to local Japan public holiday, following the lack of a much-expected intervention - or at least an announcement - from the Bank of Japan (BoJ) last Friday.

In energy, US crude begins the week with a minor slide with hope that Antony Blinken’s efforts to convince Israel to cease fire in Gaza could pay off, as White House announced Sunday that Israel has agreed to hear out its concerns.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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