Video: Dollar and S&P 500 Highs Within Reach, & Pound Setups Abundant
• The Dollar has extended its climb despite the FOMC minutes feeding doubt of June hike
• S&P 500 has gone 27 trading days without a record high as European, Chinese shares soar
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Both the equity and FX markets' benchmarks are close to setting fresh highs, but is there enough conviction in the speculative ranks to clear breakouts before the weekend? Is there even enough fundamental support to fuel the next stage after the weekend? With liquidity on a fast countdown as the Friday close approaches and the docket lacking for deep current event risk, it will a struggle to drive the S&P 500 to a record high or the USDollar to an 11-year high. Even if we do see fresh highs this or next week, the hurdles may work against follow through. Meanwhile, the Pound has found itself in contact with meaningful technical boundaries across its pairings. Which are better positioned for a bullish and a bearish Sterling drive? We check the big themes and the active setups 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.