Forex News May 21, 2022

 

Stocks

US stocks recover but fall for the seventh week in a row.

Markets:

The S&P 500 fell for the seventh week in a row, the longest streak since 2001. The longest streaks ever were 8 weeks in 2001 and 1970.

At the moment, there is a lot of emphasis on stocks. The S&P 500 opened higher, then fell more than 2% at the lows before recovering late in the day to finish fractionally higher.

It’s worth noting that the correlation with FX has weakened.

Today, the dollar was generally weaker, while yen crosses were mostly higher. This is a departure from the recent trend.

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