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Currencies are settling into narrower ranges to start the day, after a robust performance in overnight trading amid major risk-on vibes. The dollar and yen were the two main laggards but the overall picture is more mixed to start the session now.
The aussie is notably trading back to flat levels after having posted decent gains in early trades, with AUD/USD even rising to 0.6551 as the pair looks to keep above its 100-day MA.
Meanwhile, the gold breakout encountered a major setback as price failed to keep a daily break above its April high amid a fall from $1,760 to $1,730 levels. However, silver continues to hold up decently and is maintaining gains above $17 for now.
But all that aside, the big story in the market is equities. Have the bulls finally won out?
The S&P 500 index looks headed for a test of its key daily moving averages and if that gives way, you have to wonder what argument is there left that this was supposed to be a "bear market rally"?
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.