Market pre-celebrating the Fed pivot. Is it too complacent?

Link to slide deck: https://bit.ly/3LGbXJm   - Today we look at the US equity market closing up against cycle resistance as earnings season has impressed and as the market seems in a celebratory mood on the prospects for the Fed pivot to a glide path this week after an anticipated 25 basis point hike, currently priced as the final hike for the cycle. Elsewhere, we look at FX, where the JPY continues to suffer a drubbing, and at position in US FX futures, which show the EURUSD position stretched. Notably EURJPY is hitting its highest levels in almost 15 years. Grains, crude oil, incoming earnings reports and the macro calendar for the week ahead and more all on today's podcast, which features Ole Hansen on commodities and John J. Hardy hosting and on FX. Read daily in-depth market updates from the Saxo Market Call and Saxo Strategy Team here. Click here to open an account with Saxo   - Intro and outro music by AShamaluevMusic