Equities Keep Marching North Despite Yield Curve Inversion

GLOBAL STOCK INDICES CONTINUE TO CLIMB HIGHER, NASDAQ LEADS

The US dollar traded higher against most of the other major currencies on Monday and during the Asian session Tuesday. It gained the most versus NZD, AUD, and GBP, in that order, while it underperformed only against EUR. The greenback was found virtually unchanged against CHF.

NASDAQ 100 — TECHNICAL OUTLOOK

The Nasdaq 100 cash index traded higher again yesterday, breaking above the 14845 barrier, marked by Friday’s high. The move confirmed a forthcoming higher high, and combined with the fact that the index continues to trade above the prior downside resistance line drawn from the high of February 2nd, keeps the short-term picture positive.

EUR/USD — TECHNICAL OUTLOOK

EUR/USD traded higher yesterday, after it hit support at 1.0945. However, the recovery stayed limited below the downside resistance line drawn from the high of February 10th, which keeps the chances for another round of selling well on the table.

AS FOR TODAY’S EVENTS

Like yesterday, the calendar is very light, with the only releases worth mentioning being Germany’s retail sales for February, the US Conference Board consumer confidence index for March, and the JOLTs Job Openings for February.

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