Greenback Looks Vulnerable

S&P 500: 

The benchmark closed at its best level in ten sessions ahead of the weekend, encouraged ostensibly by the economic data and Powell's comments. The idea that Powell signaled that the Fed may not raise rates is difficult to reconcile with the 2.5 bp increase in the implied yield of the April Fed funds futures contract and an 11 bp increase in the yield of the US two-year note. There is scope for additional recovery gains in the S&P 500. The 2550 area offers the initial hurdle, but above there, gains into the 2600-2625 area looks reasonable. On the downside, a break of 2500 would likely be the first sign of a return toward 2440, the low from last week.  

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Read more by Marc on his site Marc to Market.

Disclaimer: Opinions expressed are solely of the author’s, based on current ...

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