Euro Session: What to Expect

With no data on the economic calendar, risk trends are likely to dominate price action in European trading hours. The global equities rally that began on March 10th has taken the MSCI World Stock Index to resistance at the top of a falling channel that has contained prices since mid-October of last year. That metric is now -90.4% inversely correlated with the US Dollar Index, an average value of USD against six top currencies, suggesting that any reversal in risk appetite across global stock exchanges will boost the greenback further.