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Saturday, November 28, 2020

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S&P 500 up 27 points

There’s somewhat of a divergence in the mood in equities and FX. The S&P 500 has rebounded from the early dip to unchanged and is up 27 points to a session high at 3368.

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Meanwhile, AUD/USD has come under some attempting to sell pressure in a 20 pips slide to 0.7275.

S&P 500 up 27 points

A divergence like this is just a bit of a red flag but there is a USD/JPY bid going right on through that could be skewing the picture.

The FX market has led equity moves generally speaking since the start of the month. Even though this equity move looks solid, I will stick to that paradigm for now.

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