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US Dollar Ends Best Run in 21 Months, S&P 500 Continues to Drop

US Dollar Ends Best Run in 21 Months, S&P 500 Continues to Drop

John Kicklighter, Chief Strategist

Investors are still reeling from the Federal Reserve's shift in guidance last week and what a near-term Taper means for risk takers. Yet, the unwinding of QE-based speculative positions has not fully escalated into a wholesale deleveraging of anything and everything deemed 'risky'. While the overbought S&P 500 can continue to retreat from record highs without the auspices of panic, the greenback may need that extreme to keep its pre-established bull run moving into new territory. Otherwise, stabilization can expose short-term corrections from pairs like EURUSD and AUDJPY. But where do we look for a dollar correction and/or an intense risk aversion move: USDJPY. We discuss this and more in today's video.

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