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The Trader Advantage: No Inflation- Stocks Battle Usd Over Outlook
Excerpts taken from The Trader Advantage Program
U.S. CPI numbers were not inflationary (no need to quickly raise rates), jobless numbers were less than expected, and the current account deficit improved slightly. The mixed reads allowed equity futures to move up, on the thought process that interest rates will stay low, and reversed the overnight move into U.S. dollar.
Asian and U.S. futures were initially saved by European markets that still obviously had some buying to do. Commodities were little affected by the whole overnight saga, and look to be pushing back to recent highs.
Most currencies are in heavily overbought conditions against the Usd, as traders look to when a near-term pull-back off dramatically oversold Daily and 4 Hour charts will provide a test of main support that can be bought or sold. This is not yet it, and patience is key as choppy trade unwinds.
Forex Momentum Times- 8-9pm, 2-3am, 6-7am ET. Outside of these, look for near-term Swing Point trades.
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