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  • The path for the Japanese Yen seems to favor the downside looking at a majors-based index. USD/JPY may rise within its Ascending Channel, but there is some scope for a healthy correction. Get your market update from @ddubrovskyFX here:https://t.co/7XFJiCYYEM https://t.co/KfLyB2t1jP
  • The British Pound’s recent slip lower against its major counterparts may prove short-lived. Key levels to watch for GBP/USD, GBP/JPY, GBP/CHF and EUR/GBP. Get your $GBP market update from @DanielGMoss here:https://t.co/Y48cF2qi9M https://t.co/ia3Bgq0ZTp
  • Senate Democrats reach deal on jobless aid -BBG
  • The US Dollar faces its next key tests against ASEAN FX following gains in USD/SGD, USD/IDR, USD/PHP and USD/THB. Are the breakouts losing momentum? Get your market update from @ddubrovskyFX here:https://t.co/joPnWIcxEN https://t.co/4QAlUyD98V
  • Heads Up:🇨🇳 National People's Congress due at 00:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-06
  • Positive vaccine progress, fiscal stimulus hopes and an unperturbed Federal Reserve may open the door for long-term Treasury yields to continue pressing higher, and in turn weigh on gold prices. Get your market update from @DanielGMoss here:https://t.co/TdGhZ82s8r https://t.co/w6YS6Gl11K
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.07% 🇨🇭CHF: -0.24% 🇳🇿NZD: -0.36% 🇬🇧GBP: -0.41% 🇪🇺EUR: -0.50% 🇦🇺AUD: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/EK7xQumFxO
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.33% Gold: 0.21% Silver: -0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/P7gJseotDu
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.46%, while traders in GBP/JPY are at opposite extremes with 68.97%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/74GpZteOGK
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 1.15% France 40: 1.09% Germany 30: 0.92% Wall Street: 0.01% US 500: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/CjZTVpoYZr
Trading Video: S&P 500 Rebound A Correction or Reversal in Risk Trends?

Trading Video: S&P 500 Rebound A Correction or Reversal in Risk Trends?

John Kicklighter, Chief Strategist

Talking Points:

• The S&P 500 finally found a breather after its worst start to a trading year since 1991

• A correction in risk trends was a high probability, but what is the dominant trend moving forward?

• Meanwhile, data on the Euro side further weighed the currency while US data bolsters the USD

Sign up for a free trial of DailyFX-Plus to have access to Trading Q&A's, educational webinars, updated speculative positioning measures, trading signals and much more!

After a five-day tumble, the S&P 500 finally gathered itself for a gain. Fear of a full collapse in risk trends and capital markets has been curbed. That said, averting a panic doesn't mean the markets are looking to return to the status quo reach for yield that defined the preceeding years. Speculators watch nervously for any tremors in the system as they gauge correction versus reversal for US equities, Yen crosses and even EURUSD. Our next move on many of these benchmarks hinges on this assessment. In the meantime, data is queuing up volatility for certain currencies. This past session, the FOMC rate decision shaped the outlook for rate speculation and a dense round of Euro-area data reinforced the probability of stimulus. Ahead, the docket provides a few notable distractions from the sentiment ebb-and-flow including Friday's NFPs. We take a look at the trading environment in today's Trading Video.

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