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Forex Today: Stocks Higher as Biden Assures No Default

Global stock markets are mostly bullish, with Japanese indices and the NASDAQ 100 index advancing firmly to new long-term highs.


  1. Japanese stocks are rising strongly, with bulls firmly in control. The TOPIX has reached a new 33-year high, while the Nikkei 225 Index will again close at a new 18-month high today. The Japanese stock market is currently outperforming most other stock markets. The bullishness is due to strong fundamental data, Japanese companies and banks booking record profits, and a bullish sentiment reinforced by bullish momentum. Trend traders might find being long of the Japanese stock market attractive right now, as well as other major indices breaking strongly to new highs like the NASDAQ 100.
  2. Hopes have risen for a debt ceiling compromise in the USA, reinforced by comments yesterday from President Biden. This is giving a tailwind for the stock market advance.
  3. In the Forex market, the US Dollar is continuing its recent advance following its strong counter-trend reversal some days ago. Action has been dominated so far today by weakness in the Australian Dollar and strength in the New Zealand Dollar. The long-term bearish trend in the US Dollar remains technically valid although the strength of the current retracement suggests it is likely to persist for a while. Nevertheless, trend traders may still be looking for long trades in the EUR/USD and GBP/USD currency pairs.
  4. The slow bullish trend in Gold remains technically valid, barely, despite the fact it closed again yesterday below the very big round number at $2,000, following its decline from its high near the all-time record price of $2,070 reached two weeks ago week. A daily close below $1,975 would be a bearish sign, while a close below the support level at $1,917 would be even more bearish.
  5. Some soft commodities have been breaking to new highs and trending strongly, notably the Sugar ETF Cane, and the Cocoa ETF NIB, which both reached multi-year high prices last week.
  6. The release of Australian Unemployment data came in worse than expected, with the rate rising unexpectedly from 3.5% to 3.7%, suggesting a cooling Australian economy. This may be a factor in persuading the Reserve Bank of Australia not to hike rates at its next meeting.
  7. There will be a release of US Unemployment Claims data today.
  8. JPMorgan sees the US Fed cutting rates in Q3 later this year as a recession arrives.
Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.


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