The S&P 500 is on an impressive bullish run, having completed six consecutive bullish closes which is an event rarely seen in the past six years (Figure 1). While the greater trend still remains bullish, we are concerned by some signs of a faltering uptrend in the CAC 40. Given the European equity market relationship with EUR positioning (shown recently in our publications), this is also likely to undermine EUR/USD in the short term.
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Barclays Capital