Forex Today: US Stock Markets Advance On Earnings Optimism - 13 May 2024

Major US stock market indices continue to rise bullishly on corporate earnings optimism as the week begins.

  1. Major US stock market indices are advancing bullishly towards their all-time highs, despite the lack of rate cuts. The bullishness is widely believed to be because S&P 500 Index companies are reporting higher than expected corporate earnings, beating market expectations. As Forex markets are likely to be quiet today, day traders might consider trying to trade major US equity indices on the long side.
  2. Despite the precious metals Gold and Silver acting quite bullishly last week, they have opened the week with a minor decline so far.
  3. The Forex market is quiet, as is typical on a Monday, especially one such as today which has no major data releases scheduled.
  4. The Bank of Japan announced a reduction in its bond purchases in a regular operation.
  5. A release of New Zealand Inflation Expectations data showed participants expecting lower inflation at 2.33% compared to 2.50% last month.

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