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Forex Today: The S&P 500 Index hits a new record

Forex Today: The S&P 500 Index hits a new record

The US benchmark S&P 500 index rose solidly to a new all-time high yesterday, with futures price action still looking bullish this morning.

➡️ US stock markets are trending bullishly again, with the NASDAQ 100 Index near an all-time high and the S&P 500 Index  which marked a new record high above 4900. These indices will pique the interest of trend traders who will want to be long them, especially the S&P 500.

➡️ Crude oil  is trading near its highest price in 2 months as tensions rise in the Red Sea and Indian Ocean following the fatal attack on US forces in Syria/Jordan, which is expected to prompt US retaliation soon. This could lead to a rise in the price of crude oil when that happens, although the US will likely be careful not to raise tensions too much.

➡️ In the Forex market, the Japanese yen has been the strongest major currency since Tokyo opened today. The Euro was the weakest. Increased volatility has recently been observed in the currency pair USD/JPY  . The Japanese yen has attracted some safe haven flows.

➡️ Bitcoin  continued its recovery after supporting below the big round number of $40,000 a few days ago, but it is struggling to overcome the resistance near $43,300.

➡️ Cocoa futures last week  have reached a new multi-year high price, which will keep trend traders interested in this commodity on the long side. It has shown a powerful bullish trend for over a year.

➡️ Today 2 high-impact market data will be published in the United States: JOLTS Job Openings and CB Consumer Confidence.

 

Credit by DailyForex.com

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