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  • S&P 500, Nasdaq Rally After the Fed; 10 Year Yield to Two-Month-Highs https://www.dailyfx.com/forex/market_alert/2021/09/23/SPX-SPY-ES-SP500-Nasdaq-NQ-QQQ-Rally-After-the-Fed-10-Year-Yield-2-Month-High.html https://t.co/peftVleO0y
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  • The surprise 100 basis point cut from the Turkish central bank (to 18%) generated the expected pressure for $USDTRY. That said, I don't think it was the market that decided the momentum should die out at 8.8000 again... https://t.co/4jmOPnzzK9
  • surprised that $NQ is holding up so well with what rates are doing. 10 year yield at a 2 month high, $Nasdaq still holding resistance at prior support https://t.co/UBWBxY2nFC
  • The S&P 500 has recovered all the ground it lost at the start of the week and the Dollar has slumped post FOMC and PMIs. DailyFX's @JohnKicklighter gives a brief overview of the market for Thursday! https://t.co/jihKB44ELn
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  • The future taper isn't enough to urge the Dollar to a critical bullish break. In turn, $EURUSD has reversed shy of of August's trough and keeps in play an inverse head-and-shoulders pattern with a neckline at 1.19 https://t.co/EgUtX6Pmvy
  • USD/CAD testing short-term moving average support. Traders have cut their long exposure over the week. Get your market update from @nickcawley1 here:https://t.co/iEL5cbFnHs https://t.co/6kLkUFkFvU
  • In the West, that qualifies as a default action. Let's see how it is treated in the world's second largest economy https://t.co/PKWy7SE8Dt
Video: Where Rate Expectations Are Leading the Dollar and Majors

Video: Where Rate Expectations Are Leading the Dollar and Majors

John Kicklighter, Chief Strategist

Talking Points:

• Rate expectations have been and will continue to be one of the primary drivers for the FX markets

• The extreme 'hawkish' view is currently debate on timing for a first hike, 'dovish' is a chance of new QE

• We look at the Dollar, Euro, Yen, Pound, Loonie, Franc, Aussie and Kiwi Dollar policy positions

Want to develop a more in-depth knowledge on the market and strategies? Check out the DailyFX Trading Guides we have produced on a range of topics.

The Dollar's rally over the past seven months and Euro tumble through the past eight are more heavily based in monetary policy than traditional 'risk' fluctuations. Expectations ranging from first rate hikes to expansion in stimulus programs have fed volatility in the currency market even when the traditional ebb and flow of speculative appetite for carry or haven has tempered. While fears of a cross-market deleverage are slowly growing (which monetary policy may play a role in), volatility and trend are developing more consistently through this important theme. So, in today's Trading Video, we run cover where policy expectations stand for all the majors and key milestones ahead.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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