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Forex Today: Gold hits new all-time high above 2,480 $

Forex Today: Gold hits new all-time high above 2,480 $

Gold continued its strong recovery, posting a strong rally yesterday and hitting a new all-time high during today's Asian session above $2,480. 

➡️ Gold is the leading asset in today's market, after having risen strongly yesterday closing at a new all-time high, before trading even higher during today’s Asian session. Trend traders will be interested in going long on the precious metal.

➡️ Two major US stock indices, the S&P 500 and the Dow Jones Industrial Average , have once again reached record highs. The NASDAQ 100 Index is further off its recent high, showing that tech stocks are weaker than the broader market for now. In Asia, major indices were a bit bearish during today's session.

➡️ The yield on the 10-year U.S. Treasury note fell to a new 4-month low yesterday. Some analysts believe this is partly due to growing belief that former President Trump will be re-elected to the presidency in November.

➡️ The New Zealand dollar was the strongest major currency in the Forex market since Tokyo opened today, while the Swiss franc was the weakestThe US dollar failed to break out of the nearby resistance, so it now looks weak and will likely trade lower after failing to move higher.

➡️ Bitcoin continued its recent rise, now trading above $ 65,000 at a near 1-month high. Some analysts attribute Bitcoin’s strong gains since Saturday to expectations that a President Trump will be more dovish about Bitcoin and cryptocurrency regulation.

➡️ Yesterday's release of Canadian CPI data was weaker than expected, showing that actual deflation of 0.1% occurred last month. The Canadian dollar reacted to the news by weakening slightly, but quickly recovered its small losses.

➡️ Yesterday's U.S. retail sales data came in better than expected, suggesting stronger demand from U.S. consumers than other recent data might have suggested.

➡️ New Zealand CPI data came in slightly lower than expected, which is becoming a global trend. However, the Kiwi traded higher this morning.

➡️ UK consumer price index data is due to be released today, which is expected to show the annualised rate falling from 2.0% to 1.9%.

 

Credit by DailyForex.com

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