Major currencies are keeping relatively messy and mixed this week with only the aussie really showing any firm conviction in my view. And even so, AUD/USD is running into resistance from its August highs at 0.7125-36 at the moment. The dollar remains choppy for the most part, as we start to turn the attention to the Fed meeting next week.
For now though, equities look to be the biggest winner on the week with another strong rebound yesterday. The S&P 500 jumped up to its highest in over six weeks as the bulls look to keep a technical break above the 200-day moving average and key trendline resistance:
I mentioned earlier this week that I'd be more convinced of a break above 4,100 and that remains the case, even if the bulls are starting to show firmer resolve in the past two sessions.
Looking ahead, it might be a quiet one in Europe before all the action kicks off again in US trading after the PCE data today.
0800 GMT - Spain Q4 preliminary GDP figures
0900 GMT - Eurozone December M3 money supply
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
