The Nasdaq (NAS100) hitting another fresh high
Indices in general have ignored the recent geopolitical news as the Nasdaq (NAS100) as well as the Dow and S&P, push higher. With any signs of slowing inflation, the index could be driven even more by the Fed’s next signal, should they begin cutting rates more than once this year. With fundamentals being the main driving factor for the Nasdaq, a series of higher highs could ensue. This would further reinforce the index as it rises towards 22400, with 21250 as a fresh support.
GBPUSD jumps with inflation in focus
Cable has gone from strength to strength in recent sessions after hitting multi-year highs. As the greenback falters across the board, its main competitors have capitalised. With this week’s inflation data set to remain moderately inside the 3% target, traders could be focusing on another breakaway rally towards 1.3700. 1.3450 at the base of the latest bounce has become a firm support.
XAUUSD Awaits the Fed decision
Economists are looking to gold this week to catch early opportunities, as the recent talks with American leaders concerning China and Iran seemed to have stalled. Added to this, the expectations that the Fed will begin its rate cuts this year will not begin at this week’s meeting. The FOMC is awaiting further data before they make any decisions, so we could be waiting for a long time. We could see the yellow metal test the first target at 3400, with 3310 being a firm support.
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