Forex Today 28/08: S&P 500 Inches To New All-Time High

2025-08-28 02:31:15

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The benchmark US S&P 500 Index rose yesterday to make a new all-time high just a few points below 6,500, but closed almost unchanged on the day.

Stock markets are looking quite bullish after the S&P 500 Index made a new all-time high at about 6,490, although it fell just before close to end the day almost unchanged. Tech giant NVIDIA reported a forecast of decelerating growth just after the bell ended the New York session, leading that company's shares to drop by 4% in after-hours trading. Trend traders will still be interested in being long of the S&P 500 Index, although the low volatility of recent up days increases suspicion that there will soon be a sharp drop. It is also notable that the big round number at 6,500 remains untouched. Asian indices are mostly higher, notably the KOSPI and the Nikkei 225 .

Gold is rising again within its long-term bullish consolidation which is capped by the all-time high at about $3,500. The length of the build-up suggests that any eventual bullish breakout might be explosive.

The Forex market remains mostly uninteresting with low volatility and little significant directional movement. Prices have barely changed over today's Asian session.

There will be a release of US Preliminary GDP data today, which is expected to show annualized growth of 3.1%, up one tick higher from last quarter's growth of 3.0%.

There will also be a release of US Unemployment Claims data

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