Dollar Rises to One-year High on Haven Flows

USD Keeps Marching North, Despite Modest Rebound in Some Indices

The US dollar kept marching north against all the other major currencies on Wednesday and during the Asian session Thursday. It rose the most versus NZD, GBP, EUR, and AUD, in that order, while it eked out the least gains against CHF and JPY.

S&P 500 — Technical Outlook

The S&P 500 traded slightly higher after it hit support near the 4355 area, slightly above Tuesday’s low of 4345. Overall, the index remains below the prior upside support line taken from the low of March 4th, and even if the price climbs a bit higher, we still see decent chances for the bears to regain control again at some point soon.

AUD/USD — Technical Outlook

AUD/USD fell sharply yesterday, breaking below the key support (now turned into resistance) territory of 0.7220, which had been acting as a floor for the pair since August 24th. In our view, the dip below that barrier reinforced the short-term downtrend that’s been in place since the beginning of September.

As for Today’s Events

During the European session, Germany releases its preliminary inflation data for September. Both the CPI and HICP yoy rates are expected to have risen further, to +4.2% and +3.8%, from +3.9% and +3.4% respectively. This may raise speculation that Eurozone’s headline rate, due out tomorrow, may rise as well. From the UK and the US, we have the final GDP prints for Q2. The UK numbers are already out, and they are slightly higher than their initial estimates, while later in the day, the US forecasts suggest a confirmation of their second estimates.



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