ForexLive Americas FX news wrap: S&P 500 hits all-time high

The momentum higher in US equities and lower in the US dollar continued to start the day on Monday. It reached a crescendo as the S&P 500 hit an all-time high, completely wiping out the 34% pandemic decline.

 

However minutes afterwards that was the cue to take profits and reposition in a number of markets. Stocks fell into negative territory and the dollar reversed losses. EUR/USD fell to 1.1920 from a high of 1.1967. The Australian dollar dropped to 0.7214 from 0.7264.

 

Gold was also hit in a quick fall to $1980 from $2016 however it led the rebound as it battled back to $2005.

For currencies it was more of a mixed bag, the New Zealand dollar was able to recoup the drop and more while the Canadian dollar almost matched its high. However the Australian dollar and euro were more restrained.

 

The pound is another story as it climbed almost non-stop throughout the day. There are signs of heavy flows but not game-changing Brexit news. Cable hit fresh highs late in the day and finished up more than 130 pips.