Risk-on as Markets Await FOMC

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Stock markets are powering higher this afternoon with the S&P500 opening up over 1% and endeavouring to break higher through its recent period of consolidation. The 50-day Moving Average has acted as good support over the last few sessions, while vaccine hopes and the earlier Chinese data have injected the markets with a strong bout of positivity.

The Dollar has found intra-day support around 92.78 but bears are aiming to close below Thursday’s low last week at 92.70 to push any bulls out of the picture, which could then see the DXY roll over towards 92.00.

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