Bulls will not be refused

The US Dollar is losing ground on most fronts as risky trading improves. The only exception is USD/JPY, which is also benefiting from positive sentiment.

The S&P 500 is now virtually flat on the day, recouping a 45 point loss. That’s an impressive show of strength from the equity bulls, even though yields rose 17bps today and the odds of a 75bps rise jumped.

Bulls might argue that jobs are a lagging indicator and that the household survey is much more flexible than establishment data. Next Wednesday’s CPI numbers are more important for the Fed and the wait is still long until the September 21 FOMC decision.

AUD/USD is a good demonstration of price action as the pair recovers around 40 pips from the lows.

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