Dollar tests new lows and S&P 500 eyes up new highs
|A fresh drop in the dollar might mark the end of the greenback's slump in the short term, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Dollar slump drives sterling and euro rallies
Trump’s latest fallout with Jerome Powell has piled on the pressure for the dollar, but continues to provide further upside for other currencies. Positioning looks a bit stretched in the short-term, everyone having piled into the short dollar trade, though dovish expectations might push it a little further in the short-term. Today’s goods data continues to reflect the confusion about what comes next for the US economy given the still-uncertain impact of tariffs.
S&P 500 a whisker away from new highs
Momentum continues to drive equity markets higher, and the S&P 500 is the next index to look set for fresh all-time highs. It’s remarkable how the looming 9 July tariff deadline seems to bother investors, who appear to be betting on another round of TACO-ing from the president
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