It's been a while we have seen such moves in the markets, especially during an Asian session. The sell-off in the equity markets continues, with the Shanghai Composite down over 8 % and the Hang Seng 4 % lower. S&P 500 futures have already declined 2.50 % and WTI Oil is trading at fresh multi-year lows, slowly approaching $39.00.
In FX, the EUR rallied sharply. EUR/USD almost touched 1.15 and the moves in the cross pairs have been nothing less impressive, with EUR/AUD now close to 1.60 and EUR/GBP above 0.73. In EUR/USD, resistance next seen at 1.1530 and then 1.1680. USD/JPY immediately continued its sell-off at the Sydney open and declined from 121.95 to 120.85. Support now seen at 120.40 and a break below would pave the way for a 118.00 test.
The Week Ahead (Key Data & Events):
Tuesday, August 25th
Wednesday, August 26th
Thursday, August 27th
Friday, August 28th
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