It's market conditions versus fundamental risks moving forward. The lull in activity this past week was brought on not by an improvement in the financial crisis, economic troubles and fiscal retrenchments that have dominated the headlines but rather the drop in volume with the market holidays. When the markets return to full power next week, we will be quickly met with speculation surrounding Greece and the Eurozone crisis along with the US Fiscal Cliff countdown. This can easily stir enough interest to add some momentum to the questionable relief rally we've seen or more likely a second wind for the October-November risk aversion wave. With our focus on EURUSD, AUDUSD and the S&P 500; we return to a market with volatility and a healthy appreciation of 'fear'.

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