The Australian Dollar tried to rally today after a large beat on local data and China’s better-than-expected Caixin PMI read. The 4th of July holidays may see skittish trading conditions.

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The uptrend in the S&P 500 and the Nasdaq 100 index is intact. However, there are some signs of fatigue emerging, especially on the technology-heavy index. What is the outlook and what are the key levels to watch?

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The second quarter has concluded with a further pull-ahead in risk sentiments last Friday, with the S&P 500 closing at its highest level in 14 months.

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Market dynamics could change and become hostile for some assets and friendlier for others in the coming months as major central banks extend their tightening campaign. Check out DailyFX team’s trading forecasts for the third quarter.

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The U.S. dollar, as measured by the DXY index, fell on Friday after U.S. PCE data showed that consumer spending and core inflation rose less than expected in May, giving the Fed cover to be less hawkish.

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