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Stocks Rally Stalls with Yen Crosses, EURUSD Ready to Run

Stocks Rally Stalls with Yen Crosses, EURUSD Ready to Run

John Kicklighter, Chief Strategist

Talking Points:

  • The winds of risk appetite died down this past session as fundamental drive petered out and tech levels appeared
  • Market participant composition is unlikely to keep buoyancy alive without fundamental fuel to add lift
  • Sentiment tides, oil headlines and US monetary policy debate in US inflation data are key trading themes

See how retail traders are positioning in the majors in your charts using the FXCM SSI snapshot.

After a broad but uneven recovery, risk appetite has started to flag in the FX and capital markets. Equities, high-yield fixed income and emerging markets lead the charge in the upswing; but a dearth in fundamental catalysts and the approach of heavy technical levels has cooled ambition. With short-term speculative interests in control, the stall can quickly turn into an unwind and retreat. For a benchmark near its resistance like the S&P 500 near 1,935 or the Dow Jones Industrial Average at 16,500, a range swing may take shape. However, for those risk-tagged assets that are closer to support than resistance - like EURJPY and NZDJPY - another sentiment rut can result in real progress. Meanwhile, oil was once again taking cues from headlines with Saudi Arabia reportedly backing out of production caps and the Dollar prepares for the market's favorite inflation figure - the US CPI. We discuss all of this and the trading implications in today's Trading Video.

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