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Dollar Stumbles, Equities Rally Curbed, RBA Hold Teases AUD Breakout

Dollar Stumbles, Equities Rally Curbed, RBA Hold Teases AUD Breakout

Talking Points:

• The equities climb finally stumbled just as the S&P 500 was facing important technical levels

• Despite the shift towards safety, the Dollar suffered its biggest drop in weeks

• AN RBA hold on rates moved AUDUSD and GBPAUD to technical breaks; but follow through is dubious at best

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The global economic is a troubling view according to the IMF's updated WEO forecasts. Downgraded growth forecasts for the world as well as warnings for the emerging markets have soured the speculative recovery mounted over the past week. It isn't a coincidence that doubt has started to seep in as sentiment benchmarks like the US equity indexes came into view of key technical resistance. While confidence has faltered, the demand for safety didn't seem to buoy the Greenback. The USDollar suffered its biggest daily drop since August 24 - during the height of the risk aversion move. Rate expectations and safe haven roles are competing for the currency's future. Meanwhile, the concentrated impact from the RBA decision has led to some key technical progress on AUDUSD and GBPUSD, but fundamentals may not supply follow through. Where will the next, decisive drive for the markets arise? What will be its catalyst? We discuss that 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.