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Talking Points:

• The S&P 500 finally closed above 2,000, but it did so on the weakest non-holiday volume in over a decade

• Traders are in charge rather than investors, and the recent swell in risk premium has been drained

• EURUSD continues its drop to 12-month lows with the highest average volume in a year

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The S&P 500 and EURUSD are moving in distinctly different directions, and their fundamental currents are more closely aligned than many think. Both benchmarks run under the counsel of speculative appetite. So then, why is equity benchmark at record high and the most liquid currency at a 12-month low? Anemic volume on the former and motivation through a secondary factor for the latter once again highlight conviction - more specifically, its lack - is the deciding factor. We track the markets as risk trends evolve while keeping tabs on yield expectations for FX development in today's Trading Video.

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