USD Continues to Gain, Wall Street Hits Fresh Records

Fed Tapering Bets Lift USD, Equities Keep Advancing on Earnings

The US dollar traded higher against most of the other major currencies on Monday and during the Asian session Tuesday. It underperformed only versus AUD, and slightly against NZD, while it gained the most against CHF and EUR.

Nasdaq 100 — Technical Outlook

The Nasdaq 100 cash index traded higher yesterday, breaking above last week’s high, at around 15500, thereby confirming a forthcoming higher high. The index remains above the prior downside resistance line drawn from the high of September 7th, as well as above the upside one taken from the low of October 4th. Therefore, we will consider the outlook to be positive.

EUR/USD — Technical Outlook

EUR/USD turned south yesterday, breaking below the key support (now turned into resistance) barrier of 1.1618. In our view, that move signaled that the corrective recovery, which started on October 12th, is now over and that the prevailing downtrend, marked by the downside line taken from the high of May 25th, has now resumed.

As for Today’s Events

As yesterday, the economic calendar remains light today as well. The only relatively important data we get are the US Conference Board consumer confidence index for October and the new home sales for September. The CB index is expected to have slid fractionally, but new home sales are forecast to have increased somewhat.



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