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Ahead of the trade plans being posted the forex markets have absorbed a huge miss by Microsoft on their quarterly earnings that are off 25% from the previous period. The impact has not been as heavy in the S&P futures yet, but does act as a precursor for what may come in Asian trade. Hitting the high of the year in global equity trade needs solid momentum and speculative interest to push higher and break new ground.
The negative outlook is now severely impeded by the Wall Street bell weather after failing miserably to hit analysts expectations. Thursday has been a roller coaster ride that have seen forex values test both sides of the 4 hour channels, and as the U.S. session closes the market is absorbing U.S. dollar strength in the typical flight to safety move that sees a strong dollar, weak equities, and robust bond trading.