Risk assets were under pressure through the close of the New York session, but critical technical were still in place for benchmarks like the S&P 500. Could the market overcome a quiet Friday to produce an unusual week-ending break? If so, the Dollar is ready to leverage its safe haven status against EURUSD, GBPUSD and AUDUSD.

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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.

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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.

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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

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

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