Gold & S&P 500 at new highs following dollar fall
|The dollar's slump has been felt across the globe, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
Gold at new high amid dollar rout
Those hoping for a quiet day ahead of tech earnings and the Fed decision have been disappointed. Investors are digesting the ramifications of Trump’s decision to give the dollar a shove lower. It is most likely a reaffirmation of his desire to engender a fresh stock market boom ahead of the mid-terms, to help offset his struggling poll ratings, if indeed there is any strategy behind it. For gold bugs the news is manna from heaven, promising the breaking of more records in the weeks to come.
S&P 500 hits a fresh round number
The psychological levels continue to fall like dominos this January. The S&P 500 briefly cleared 7000 for the first time, emboldened by hopes that a weakening dollar and interest rates will produce a potent cocktail to supercharge earnings in the months to come. Now it is up to big tech and the Fed to deliver the right kind of figures tonight in order to avoid spoiling the party.
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