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  • $EURCAD has continued to head lower today, now trading right around the 1.5000 level. The pair hit a fresh one-year low, currently trading at its lowest level since early March of last year. $EUR $CAD
  • US Indices are rebounding from last week's sell off today. The Dow is leading the way, rising to a fresh all-time high. The Nasdaq remains negative for the day. DOW +2.00% NDX -0.55% SPX +0.91% RUT +1.70% $DIA $QQQ $SPY $IWM
  • Another look at the deviation in 'internal' interest in US equities: the candle is the Nasdaq 100 to S&P 500 ratio ($NDX-$SPX) overlaid with the S&P 500 itself in blue
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  • $USD has been pretty strong over the past couple of weeks and to a lesser degree, so far in 2021 but we've only retraced about 23.6% of that massive sell-off that started last March $DXY
  • EUR/USD trades to a fresh yearly low (1.1857) as longer-dated US Treasury yields continue to push above pre-pandemic levels. Get your $EURUSD market update from @DavidJSong here:
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  • $USDMXN strong breakout from the falling wedges that had built coming into this year. Prices now finding resistance at 50% marker of the 2017-2020 major move whether looking for usd strength or weakness, there's attractive items on $USDMXN for either
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.37%, while traders in Germany 30 are at opposite extremes with 81.20%. See the summary chart below and full details and charts on DailyFX:
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: -0.10% Gold: -1.18% Oil - US Crude: -1.45% View the performance of all markets via
Corporations Embrace Crypto, Boosting Bitcoin Price - Stock Market Forecast

Corporations Embrace Crypto, Boosting Bitcoin Price - Stock Market Forecast

Peter Hanks, Strategist

Stock Market Forecast: Bullish


Corporations Embrace Crypto, Boosting Bitcoin Price - Stock Market Forecast

The Nasdaq 100, Dow Jones and S&P 500 bled lower last week despite upbeat economic readings in the form of retail sales and services data. Losses have seen the indices pull back from record levels, but volatility remains reasonable and symptoms of risk appetite simmer beneath the surface evidenced by corporations diving into Bitcoin headfirst. Breaking above $55,000 for the first time Friday, Bitcoin has benefited from a wave of corporate adoptions ranging from Tesla and Microstrategy to Mastercard and Morgan Stanley.

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While equities cool off near record levels, corporate leaders have moved into the cryptocurrency market as they look to gain exposure – in one way or another – to the Bitcoin craze. Regarded as the future of finance by some and an unfounded bubble by others, Bitcoin’s price rise is undeniable and the explosive performance might be prolonged now that institutions are entering the space. Either way, it can be argued increased participation in the cryptocurrency space is indicative of risk appetite.

S&P 500 Price Chart: Daily Time Frame (January 2018 – February 2021)

S&P 500 price chart

Nevertheless, risk appetite was trimmed last week despite encouraging economic data and enflamed reflation hopes. That being said, price action might suggest the market has entered a stage where the relationship between rising rates and equity exposure is becoming more of a tradeoff than it has been in recent months.

Video Explainer – What Rising Treasury Yields Mean for US Equities and Gold

Should Treasury yields continue to climb, equities may face considerable headwinds – especially if the 10y yield overtakes the S&P 500 dividend yield. As it stands, the S&P 500 dividend yield rests around 1.5% with the 10y yield hovering around 1.3%. Since Treasuries are effectively risk-free, the risk premium offered through equity exposure is significantly reduced as rates rise and investors may rotate out of the stock market as a result.

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Suffice it to say, the stock market is in a somewhat precarious position in some regards, but it is against a backdrop of improving economic data and a reopening economy. With that in mind, investors should closely track Treasury yields in the weeks ahead as they could prove vital to the performance of the S&P 500, Dow Jones and Nasdaq 100. In the meantime, follow @PeterHanksFXon Twitter for updates and analysis.

--Written by Peter Hanks, Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.