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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.

WCRS 19-05

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"?

SPX

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