Bitcoin Lags as Unwinding of 'Fed Trade' Lifts US Stocks Above 200-Day Average

The S&P 500, Wall Street’s benchmark equity index, has gained 16% in less than two months to trade above the widely-tracked 200-day moving average for the first time since early April. The USD/JPY pair, often called a turbo bet on the Fed policy and U.S. rates, has dropped 11% to its 200-day moving average. The dollar index, which tracks the greenback’s value against major fiat currencies, has also dropped below its 200-day average.