Forex Today: Major Stock Markets Advance To Record Highs
Several major global stock market indices are advancing to new all-time highs led upwards by technology stocks which have been boosted by better-than-expected corporate earnings.
- The last few days have seen several major global stock indices hit new record prices, with analysts seeing the major factor behind the recent bullish momentum as very strong corporate earnings by American technology companies. We have seen new record highs in the USA by the NASDAQ 100 Index and the S&P 500 Index. In Europe, the DAX has advanced very powerfully, while in Asia, the Japanese Nikkei 225 Index has exceeded 40,000 for the first time ever. Trend traders will be very interested in being long of these stock indices as they break powerfully to new highs.
- Bitcoin has continued to rise to reach a new 2-year high price above $64,000. Trend traders and investors will be interested here on the long side, and this has become easier since Bitcoin ETFs were approved for sale a few weeks ago. Bitcoin is likely to reach even higher prices.
- In the Forex market, the British Pound has been the strongest major currency since the Tokyo open today. The New Zealand Dollar has been the weakest. However, the numbers are so low as to be effectively meaningless. The Forex market is mostly very quiet and dull, with low and falling volatility.
- WTI Crude Oil is trying to make a bullish breakout beyond a very key area of resistance centred at $80.50.
- There will two high-impact economic data events later today:
- Governor Ueda of the Bank of Japan will begiving a speech.
- Swiss CPI (inflation) data.