Several global stock market indices have seen unusually strong downward movements in recent days, particularly in Asia.
➡️ Stock markets have made bearish corrections unusually strong over the course of the day just gone, led lower by key Asian markets, although major US indices also suffered a sharp sell-off yesterday. The Nikkei 225 index It stands out because it closed down more than 4% on the day, which is an unusually strong move. Some major indices have been trading close to their all-time highs, but this is a bearish signal that a deeper correction in stock markets may be underway.
➡️ In the Forex market, the Japanese yen is again the strongest major currency since the opening of Tokyo today, while the Australian dollar is again the weakest, highlighting the AUD/JPY currency pair . The EUR/USD currency pair remains in focus as trend traders will still be interested in being long on this currency pair above $1.1035. Also the USD/JPY currency pair is in a solid long-term downtrend, with many analysts believing that the yen will strengthen further in the coming months as the Bank of Japan continues to move away from its old ultra-loose monetary policy. The USD/JPY pair has started to fall again firmly and was trading below ¥145 during today's Tokyo session.
➡️ Most commodities fell sharply yesterday. Crude oil It stands out because it has dropped very sharply over the course of the day just passed, to trade at a new 8-month low price.
➡️ Swiss consumer price index (CPI) data released yesterday was lower than expected, recording no changes on a monthly basis, despite broad forecasts of a 0.1% increase.
➡️ Australian GDP data released today showed a monthly increase of 0.21TP3Q, as expected.
➡️ Yesterday's ISM manufacturing data for the US came in slightly weaker than expected.
Credit by DailyForex.com