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Gold has continued its strong rally by rising very firmly yesterday, trading at a new all-time high during today’s Asian session above $2,480.
Gold is the standout asset in the market today, after it rose strongly yesterday to close at a new all-time high, before trading still higher during today’s Asian session. Trend traders will be interested in being long of the precious metal.
Two major US equity indices, the S&P 500, and the Dow Jones Industrial Average, have traded at record highs again. The Nasdaq 100 Index is further off its recent high, showing technology stocks are weaker than the broader market for the time being. In Asia, major indices were a little bearish during today’s session.
The 10-Year US Treasury Yield fell yesterday to a new 4-month low. Some analysts see this as partly driven by the increasing belief that former President Trump will be re-elected to the Presidency in November.
The New Zealand Dollar has been the strongest major currency in the Forex market since today’s Tokyo open, while the Swiss Franc has been the weakest. The US Dollar has failed to break above nearby resistance so is now looking weak and likely to trade lower after failing to rise.
Bitcoin has continued its recent rise to now trade above $65,000 at an almost 1-month high price. Some analysts attribute the strong gains in Bitcoin since Saturday as pointing to an expectation that President Trump will go easier on Bitcoin and crypto regulation.
Yesterday’s release of Canadian CPI data came in lower than expected, showing actual deflation of 0.1% took place over the past month. The Canadian Dollar reacted to the news by weakening slightly, but it quickly regained its minor losses.
Yesterday’s release of US Retail Sales data came in higher than expected, suggesting stronger US consumer demand than could be assumed from other recent data.
New Zealand CPI data came in a bit lower than expected, which is becoming a global trend. However, the Kiwi has traded higher this morning.
There will be a release today of UK CPI data, which is expected to show a decline in the annualized rate from 2.0% to 1.9%.
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