Traders will be watching the track of the euro Friday, as they decide how defensive they should be going into the weekend.
Thursday was a second day of “risk-off” selling, with stocks and commodities lower, and the euro headed toward the 1.31 level. The dollar index edged to its highest level since September. The Dow fell 46 points and finished at 13,880 but was well off its lows of the day. The S&P was off 9 at 1502, after falling to 1497, just above an area of support. The Nasdaq bore the brunt of the selling, falling 32 points or 1 percent to 3131.
“I think we needed a correction. I think the Fed minutes was as good an excuse as anything,” said Steve Massocca of Wedbush Securities. “I think a lot of the selling that took place today came out of retail and individuals, where a lot of the buying had been recently.”
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.