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Forex Today: EU/US Trade Deal Sends Stock Markets Soaring
(MENAFN- Daily Forex) Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money The announcement of a trade deal between the EU and the USA has sent markets firmly into risk-on mode, with US stock markets leading the way to new all-time highs, and the Euro advancing. US stock markets are very bullish this morning some hours after the conclusion of a trade deal between the EU and the USA. The centrepiece of the deal is a 15% tariff on EU imports into the USA, far lower than the 50% President Trump once threatened, although it is higher than the pre-Trump average tariff of 2%. The news sent futures trading in the broad S&P 500 Index and the NASDAQ 100 Index rising strongly to new record high prices. Although stock markets globally are generally bullish, EU and Asian stock indices are not performing nearly as well as major US indices. Many analysts have dismissed the current rally as likely to fizzle out, but last week saw all the major indices in the USA, including the Dow Jones Industrial Average and the Russell 2000 Index reach new record highs simultaneously, which is a rare event. The US stock market currently looks like a good investment to be in, and trend traders have been long here for some time. In the Forex market, the Tokyo session has been relatively quiet, with insignificant price movements. The EUR/USD currency pair remains in a valid long-term bullish trend, but the price is falling, and the news of the EU trade deal has not been able to give the Euro sustainable gains yet. Markets are starting to focus on the upcoming meeting of the Federal Reserve this coming Wednesday. Markets strongly expect that there will be no change to interest rates, but the FOMC Statement and press conference will be closely monitored. In the crypto world, Ethereum is firmly breaking to new long-term highs although it remains below its record high and the big round number at $4,000. Trend traders will probably be looking to get long of Ethereum. Futures are available but there are also Ethereum ETFs which many traders will find more affordable. Precious metals are rising again as the new week gets underway, with several established in valid long-term bullish trends, including Gold , Silver , Platinum , and Palladium . Silver and Palladium look the most bullish right now. If CFDs on Platinum and Palladium might be harder to find, Aberdeen offer the ETFs PPLT and PALL which can grant exposure to these metals. The industrial metal Copper has recently made fresh all-time highs but may now be showing initial signs of exhaustion. There will be a release of US JOLTS Job Openings data today.
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