S&P 500 Ends Day With a Tentative Break, EURUSD Break Bound?
- Another intraday risk swing lifted the S&P 500 to a session close that finally cleared 7 weeks of congestion
- EURUSD is in a range that can stand up to little pressure with the Fed's favorite inflation report due ahead
- Brexit fears have cooled, but don't call Pound reversals so quickly
See how retail traders are positioning in the EURUSD as range meets event risk on DailyFX or bring the figures to your charts using the FXCM SSI snapshot.
Despite what some popular indicators suggest (such as the VIX), market volatility continues to churn keeping investors from reviving the 'virtuous' risk trends that have one-by-one faltered. Through this past session, there was some cheer for beleaguered bulls with the S&P 500 closing above its range of the past seven weeks. Other risk-leaning assets - Yen crosses, high-yield fixed income, Emerging Market - slowly followed suit, but conviction seemed in short supply. The G20 is a key event risk to chew for officials most direct channel for reviving the economy and markets; but their capacity for support is limited. Meanwhile, monetary policy will muscle in for market influence with the FOMC's preferred inflation reading (PCE) scheduled for release just as conviction of a landlocked central bank starts to crack. And, following speculators' eyes to the greatest volatility, calling reversals on Pound pairs is a very risky venture. We discuss volatile conditions and catalysts 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.