S&P 500 and Dow Jones Hit Fresh Records on Strong Data

EQUITIES RALLY POST-HOLIDAY ON STELLAR US ECONOMIC DATA

The US dollar fell against all the other G10 currencies on Monday and during the Asian session Tuesday. It lost the most ground versus CHF, GBP, and AUD in that order, while it underperformed the least versus SEK.

NASDAQ 100 — TECHNICAL OUTLOOK

Nasdaq 100 continues grind higher, while balancing above a short-term tentative upside support line taken from the low of March 31st. Given the recent steep upmove, this morning the cash index is already correcting slightly lower. That said, if the above-mentioned upside line holds, we could see another move higher. Hence our positive approach for now.

AUD/JPY — TECHNICAL OUTLOOK

Although AUD/JPY is still trading above a short-term upside support line taken from the low of March 24th, it remains below one of its key resistance barriers, at 84.48, marked near the highs of March 31st and April 2nd. There is a good chance the rate may continue drifting north, however, to get a bit more comfortable with that idea, a push above that barrier would be needed. We will remain positive for now.

AS FOR THE REST OF TODAY’S EVENTS

During the European session, we get Eurozone’s unemployment rate for February and the Sentix Investor Confidence index for April. The bloc’s unemployment rate is forecast to have held steady at 8.1%, while the Sentix index is anticipated to have risen to 7.5 from 5.0.

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