Global equities have rallied, led higher by technology companies, sending the NASDAQ 100 Index up to trade at an all-time high price.
- Global equities are mostly higher, driven higher by a rally in technology stocks. Recent hours saw this rally in the Chinese market, but it seems to have run out of steam towards the end of the trading day. However, the US-based NASDAQ 100 Index has traded into a new record high (futures off hours) after making a record high closing price at the end of last week. The S&P 500 Index future reached a new record high earlier today. Trend traders will be interested in being long of these indices.
- In the Forex market, the Japanese Yen is the strongest major currency, due to the higher-than-expected Japanese economic data released earlier today which showed GDP expanding at an annualized rate of 2.8%, beating forecasts and increasing expectations of further rate hikes in the near term. The weakest major currency has been the Swiss Franc. There are reports that due to the unusual behavior of the US Dollar right now, many institutions are trading the Yen long against softer European currencies such as the Euro, the Swiss Franc, and the British Pound. Today the CHF/JPY currency cross will likely be in focus.
- The Reserve Bank of Australia will be holding a policy meeting later. The Bank is expected to cut its interest rate by 0.25%
- It is a public holiday today in both the USA and Canada.
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