The S&P 500 has lacked strong directional conviction in recent days after the powerful rally earlier in the year, but the balance of risks appears to be tipping to the downside.

In indecisive markets – which we are currently facing – markets tend to better abide high profile technical boundaries. With USDCAD, there is a well established range from the past month and even larger levels just beyond that congestion. This may suit our conditions well.

Expectations that the Fed’s terminal rate will settle higher than initially thought are likely keep yields and the dollar biased to the upside, creating a negative environment for gold prices

Bitcoin and Ethereum have risen to multi-month highs despite rising inflation and rising pressure on the Fed to raise rates.

The ECB’s well known doves Fabio Panetta and Chief Economist Philip Lane are due to speak today and EUR/USD drifts back towards support

US equity markets are pushing marginally higher despite a stronger US dollar capping overall risk sentiment. Can equity markets continue to ignore the greenback

GBP/USD remains vulnerable as bears eye a sustained break of the psychological 1.2000 level. Will hawkish rhetoric from Fed Policymakers give it a push?

Brent crude oil prices are in for a rollercoaster trading day with multiple Fed speakers and some important US economic data programed throughout the day.

Gold prices extended losses on Wednesday, with XAU/USD setting course for the worst month since June 2021. Retail traders boosted long bets, which is likely a further bearish sign.