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  • there it is $USDJPY up for a test of the 2021 high fibo level at 111.61, next major level at 112.50 this zone has held the highs in 2019, 2020 and so far in 2021
  • ...let's see how far the brinkmanship goes and whether the rating agencies feel a rating downgrade is necessary for the constant pressure on its finances
  • - Financial markets have brought forward prospects for BoE tightening into 2022, this is not supportive for inflation surge
  • Treasury Secretary Yellen will no doubt be touching on this at today's Senate Finance Committee meeting, but she has sent a formal letter to Congress to say the US will likely hit its debt ceiling by October 18th
  • US likely to hit debt ceiling by October 18th - Treasury Secretary Yellen
  • - Signal from 5y5y inflation measures is not troubling
  • BoE's Mann - Price growth for natural gas is pretty extreme, but need to look if it will continue $GBP
  • 🇺🇸 House Price Index MoM (JUL) Actual: 1.4% Previous: 1.7%
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • Heads Up:🇺🇸 House Price Index MoM (JUL) due at 13:00 GMT (15min) Previous: 1.6%
Trading Video: Equity Volatility Belies Support Hold, Greek Discussions Restart

Trading Video: Equity Volatility Belies Support Hold, Greek Discussions Restart

John Kicklighter, Chief Strategist

Talking Points:

• The S&P 500 and other equity benchmarks fought back again from key breaks, but traders still concerned

• Greece conversations once again turned to ultimatums as deadlines seem to solidify post Referendum

• Risk trades position for action, but perhaps the Dollar will revive rate discussions with FOMC minutes

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Two themes continue to dominate headlines and traders' minds: Greece and risk trends. Negotiations between Greek delegates and Eurozone creditors picked back up Tuesday and so too did the optimism of an eventual deal. However, the realities of risks and a rapidly diminishing timeline were far more apparent in speculators' view. Trading a preconceived outcome on such a critical uncertainty is very risky. Meanwhile, market participants face a similar risk should they take early positions on a systemic shift in speculative sentiment. The S&P 500 put in for another volatile bounce off its 200-day moving average which generates just as much concern as relief. Opportunities in Euro and Yen crosses (for risk) are appealing, but we shouldn't tune out steadier moves for the Dollar, Pound and Australian Dollar. We look at all of these themes and big movers 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.