Back and forth continues in markets with stocks now comfortably high | Forexlive

Everything is trading in lockstep at the moment with FX and stock markets bouncing around on sentiment.

The dollar went on a strong run earlier but has given back some of it. Corporate commentary and numbers like jobless claims point to an economy that’s holding up well and not headed for a hard landing. There are other indicators out there that are worrisome but inflation might ultimately be a bigger worry than growth.

In any case, that pendulum hasn’t swung and I don’t think it will until commodities start to lead inflation again, with oil above $100 (or $120).

The S&P 500 is up 20 points, or 0.5%, which is where futures were before New York arrived. Under the surface, the Nasdaq is up 1% led by 8.9% from Tesla.