Forex Today: Nikkei 225 Index Hits Record High - 08 July 2024

Generally bullish global stock markets helped push the Japanese Nikkei 225 Index to a new record high in trading earlier today.

  1. Last week was generally bullish for stock markets, with the major US indices the NASDAQ 100 Index and the broader S&P 500 Index rising strongly to new record highs on Friday. Most global equity indices are bullish, with Japan the standout today as the Nikkei 225 Indices have traded at new record highs. These are bullish signs for equities and trend traders will want to be involved here on the long side.
  2. The second round of the French Parliamentary election produced a surprise result, with the far-left alliance winning the most seats, followed by Macron’s centrists, then the far-right. The far-right was expected to do better. The result will certainly produce a hung parliament which is likely to contribute to deadlock, reminiscent of the later period of the German Weimar republic. The Euro lost some ground as a result in early trading this week as a result.
  3. Fed Chair Jerome Powell will testify about the Semi-Annual Monetary Policy Report before the Senate Banking Committee later today.
  4. In the Forex market, the Japanese Yen is the strongest major currency since the Tokyo open, while the Euro the weakest, putting the EUR/JPY currency cross in focus. The US Dollar lost quite heavily last week but is approaching a support level and remains within a valid long-term bullish trend.
  5. There are increasing rumours that President Biden may drop out of the Presidential race as President Trump starts to open a bigger lead in opinion polls following Biden’s disastrous debate performance. Betting markets suggest a 63% chance that he will withdraw. Every opinion poll taken this month shows Trump with a 4% or higher lead over Biden in the popular vote.

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