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Forex pairs in this Article » USD, USD/JPY
Talking Points:

• The S&P 500's 1,850 break was the day's most eventful market move, but follow through failed quickly

• In measuring the true risk impact, Emerging Markets were stirred but Yen crosses corroborate 'risk on'

• Sentiment trends remain stubborn, but what if risk aversion or stimulus withdrawal were to hit?

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The 'risk on' headline generators are heating on the S&P 500's break to record highs. Yet, the refrain from FX and credit markets to the 1,850 break has kept momentum under wraps. The US equity index would end this past session notably off its highs and back below the record-high range resistance it fought so hard to overtake. A breakout from even this benchmark does not carry the necessary heft to change the market's tide - not from fear to greed, but passive to proactive. Going forward, FX traders should keep tabs on US equities' progress, Emerging Market event risk, monetary policy speculation and key setups like EURUSD's nested wedge formation. We cover these and more in today's Trading Video.

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