The quiet week on the market has so far been dominated by a sharp rise in cocoa futures prices towards new long-term highs.
➡️ US stock markets rose solidly yesterday, reaching new record highs. The main stock indices, the S&P 500 And the NASDAQ 100, have hit new all-time highs, unlike the Dow Jones 30. Short-term price action looks very bullish, so trend traders will want to get involved on the long side, and day traders may want to consider trading these indexes long if they show momentum after the market opens. The S&P 500 briefly touched 5000 yesterday, which could now serve as a resistance level as a huge round number.
➡️ Cocoa futures have risen very strongly in recent days, rising very strongly to reach a new multi-year high price again yesterday, which will keep trend traders interested in this commodity on the Long side. It has shown a powerful bullish trend for over a year. Cocoa futures have risen more than 25% since the start of 2024.
➡️ In the Forex market, the Swiss currency has been the strongest major currency since the Tokyo open today. The Japanese yen was the weakest. The greatest volatility recently has been observed in the currency pair USD/JPY and in crosses with the Yen.
➡️ Four US Federal Reserve officials said yesterday they don't see an urgent case for cutting interest rates: Kugler, Kashkari, Collins and Barkin. Markets do not expect any rate cuts in the US before May.
➡️ Bank of Japan Uchida said it is difficult to predict that there will be sharp rate increases after negative rates finally end with the first next rate hike. Money is flowing into yen deposits in anticipation of positive rates being introduced soon.
➡️ The EUR/USD currency pair may have reached a double bottom at $ 1.0725.
➡️ Data on unemployment claims in the United States will be released today.
Credit by DailyForex.com