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Dollar Rally Stalled by S&P 500 Rebound, USDJPY an Exception?

Dollar Rally Stalled by S&P 500 Rebound, USDJPY an Exception?

John Kicklighter, Chief Strategist

The dollar ended this past week on the verge of a meaningful bull-trend shift while the S&P 500 eyed its own bearish reversal below 1425. With FX traders ready to jump, we found the shift in underlying investor sentiment delayed to start the week. With dubious earnings (like those from Citi) still posting better adjusted EPS figures and tangible fundamental drivers in short supply, the market has yet to commit. Patience is key with a risk based move, and there are plenty of opportunities amongst EURUSD, AUDUSD, GBPUSD and others. In the meantime, we should appreciate those non-risk dependent pairs and assets (USDJPY and gold) that are starting to make progress of their own...

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