Japanese yen is the strongest currency
following the Bernanke speech yesterday while commodity currencies are the
weakest. Reason for strong JPY is higher US bonds/lower yields. On the next
overlay chart we can see that best market to sell is the AUDJPY while the best
pairs to buy in risk-on environment is EURUSD or GBPUSD and even some EUR and
GBP crosses.
Market Correlations 1h # chart here
Market Correlations 1h # chart here
Based on market correlations below and the
S&P futures count we may see more USD selling in the near-term. S&P is
showing incomplete bullish impulse with current pause in wave four from where
prices may rally up in five towards 1675 today.
S&P Futures 1h # chart here
S&P Futures 1h # chart here
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