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Video: Dollar Rally Still Short of Trend, Risk Trends Looking Heavy

Video: Dollar Rally Still Short of Trend, Risk Trends Looking Heavy

John Kicklighter, Chief Strategist

Talking Points:

• The Dollar rallied this past session after a round of in-line CPI and better durable good figures

• A reinforced view of the Dollar's march towards a hike isn't the same as a new view of hawkishness

• Meanwhile, the S&P 500 is carving out a familiar patter amongst 'short-term' minded traders

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The biggest move in the FX market this past session was a notable rally from the Dollar that finally drove EURUSD out of a month-long consolidation pattern. The Greenback's rally was universal, but breadth does not necessarily ensure momentum. Though there was encouraging growth-linked data (durable goods), a niggling consumer inflation reading and provocative Fed rhetoric; none of it was particularly groundbreaking for rate watchers and currency traders. That may leverage short-term volatility but it doesn't guarantee follow through. Meanwhile, the S&P 500 continues to carve out a familiar pattern in this late epoch of the risk cycle. Will it breakdown similar to previous iterations? We look at the Dollar, risk trends and briefly touch upon the heavy event risk from next week in today's Trading Video.

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

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