We’re about to enter the final hour or trading for the week and the S&P is gaining a head of steam.
We’re up 0.6% at 1077, another strong showing for an index that opened the week at 1022.
While EUR/USD is off its highs, clearly risky assets have had a good week, making it difficult to become overly bearish on EUR/USD until that rally loses steam. If EUR/USD is to come sharply lower, the rebound in stocks needs to sputter, in my view.
EUR/USD trades very quietly at 1.2644 amid offers at the 1.2650 level. Expect some mild short-covering from day traders if that level is cleared ahead of the close.
