The NASDAQ 100 Index rose yesterday to reach and close at new record highs, and it continues to look bullish as the London session gets underway, although volatility is very low.
Stock markets are continuing to look bullish as the ceasefire in the Israel / Iran war, which some are calling "The 12 Day War", looks certain to hold. There is still no sign of Ayatollah Khamenei or his son, leading to increasing speculation that some kind of regime change just might be close The bullishness is especially notable in the US tech sector, with
the NASDAQ 100 Indexto reach and close at new record highs, as did the Index's major individual component the NVIDIA Corporation. Trend and momentum traders will be interested in being long of the NASDAQ 100 and
S&P 500indices right now, with the latter index also within sight of its record high.
The US Dollar Index has fallen to reach a new 3.5-year low on declining rate expectations, as President Trump is seen as likely to get a new Fed Chair in place as early as September or October. This has increased expectations of rate cuts over 2025 from 2 cuts of 0.25% to 3 cuts one at each remaining Fed meeting.
The Forex market is showing increased price movement and volatility, with the declining US Dollar the main market driver right now. Since the Tokyo open, the strongest major currency has been the British Pound, while the weakest has been the US Dollar, putting
the GBP/USD currency pairin focus as it rises to reach a multi-year high.
The EUR/USD currency pairhas also risen strongly, reaching a new 3.5 year high above $1.1700, so trend traders will want to be long here - this currency pair has a great record of respecting its long-term trends.
There will be a release of US Final GDP data today, which is expected to show an unchanged quarterly decline of 0.2%.
There will be a release of US Unemployment Claims data today.