In what is widely seen as a rotation away from the technology sector, the NASDAQ 100 Index falls sharply, dragging technology stocks and major stock indexes globally lower.
➡️ Technology stocks suffered a sharp sell-off yesterday, led lower by the NASDAQ 100 Index which recorded its biggest daily drop since 2022. This is partly due to concerns over new restrictions on chip sales from the United States to China. The TOPIX index fell more than 1.5% today.
➡️ The European Central Bank will hold a monetary policy meeting today, during which it should keep the main refinancing rate at 4.25%.
➡️ They is one of the leading assets in today's market, after having risen earlier this week. The price action suggests that we are likely to see another attempt to reach the all-time high today, above $ 2,480. Trend traders will be interested in being long on the precious metal.
➡️ The 10-year U.S. Treasury yield fell further yesterday to a new 4-month low. Some analysts believe this is partly due to growing belief that former President Trump will be re-elected to the presidency in November.
➡️ In the Forex market, the US Dollar Index hit a new 3-month low yesterday before finding some support. The Australian dollar has been the strongest major currency in the Forex market since the Tokyo open today, while the Swiss franc has been the weakest. The US dollar failed to break above the nearby resistance, so it now looks weak and will likely trade lower after failing to move higher. The EUR/USD currency pair hit a new 3-month high yesterday and will be interesting for trend traders on the long side.
➡️ Data on the change in the number of applicants in the UK will be published today.
➡️ Yesterday's release of UK CPI data came in slightly above expectations, showing annualised inflation of 2.0%The British pound reacted by rising sharply for a while, with the GBP/USD currency pair traded at a new 1-year high above $ 1.3000.
➡️ Yesterday's data on the consumer price index (CPI) in New Zealand came in slightly lower than expected, settling at a new three-year low, with annualized inflation falling to 3.3%, while a rate of 3.4% had been widely expected.
Credit by DailyForex.com