The last 24 hours saw a rally in most global stock markets, led by a sharp rise in the NASDAQ 100 index, followed by the Japanese Nikkei 225 index which closed at a 34-year high price.
➡️ The past day saw a strong move against conditions prevailing over the past week or so, where stock markets were falling and safe-haven assets such as the US dollar were rising. Yesterday's big winner was the NASDAQ 100 index which recorded a strong gain, followed during the Asian session by the index Japanese Nikkei 225 which closed at its highest price in 34 years. This could be a key signal of the resumption of the dominant long-term trend, which is bullish in many stock markets, especially in the United States. Speculation that China will announce further monetary easing also helped.
➡️ In the Forex market, the Japanese yen has been the strongest major currency since Tokyo opened today. The Australian dollar was the weakest. However, the main news here is the renewed weakness of the US dollar over the past 24 hours. There remains a valid long-term bullish trend in the EUR/USD currency pair .
➡️ A prominent asset on the market right now, as 2024 begins, is Bitcoin , which is carrying out a bullish consolidation after reaching a new 20-month high price last week above the round number of $45,000. This bullish consolidation will attract the interest of traders, especially trend traders. Regulatory approval for the first Bitcoin ETF is expected to be announced any day now and is likely helping to keep Bitcoin bullish.
➡️ Swiss CPI (inflation) data released yesterday was expected to show month-on-month deflation of 0.1%. The result was slightly higher, showing unchanged prices month on month.
➡️ Australian inflation data will be released later, which is expected to show a decline in the annualized rate from 4.9% to 4.4%.
Credit by DailyForex.com
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