Traders Await Either Risk or Taper Signs for Dollar, S&P 500
Both the Dow Jones FXCM Dollar Index (ticker = USDollar) and S&P 500 turned to congestion this past session as the market awaited another spark for either Fed 'taper' speculation or wholesale risk trends. Traders' appetites may be satisfied in the upcoming session as the US ISM service-sector report, ADP employment change and Fed Beige Book are scheduled for release. The service activity indicator is of particular interest considering the sector's percentage of overall growth and its share of the vast majority of US jobs. We update the momentum behind risk and stimulus as well their trade opportunities (USDJPY, AUDUSD, GBPAUD amongst others) in today's video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.