JPY is rising to record highs and Dow Jones is approaching the 26,000 level

World stocks hit a new all-time high on Friday with U.S. equity futures rising for the 8th trading day out of 9 in 2018 – the Dow is just a little over 300 points away from 26,000 – while European stocks and oil are little changed.

JPY is rising to record highs and Dow Jones is approaching the 26,000 level

JPY is rising to record highs

World stocks hit a new all-time high on Friday with U.S. equity futures rising for the 8th trading day out of 9 in 2018 – the Dow is just a little over 300 points away from 26,000 – while European stocks and oil are little changed.

European stocks advanced with U.S. equity futures as BlackRock Inc. kicked off a busy earnings season with profits that beat estimates. The Stoxx Europe 600 Index climbed for the first day in three.

Reports that German policymakers are set to resolve a months-long political stalemate added to the news yesterday that the European Central Bank is open to tweaking its policy guidance soon to align it with a strengthening economy.

In geopolitics, South Korea and the US are in discussions to develop ties with North Korea, according to Yonhap citing an envoy. US Treasury Secretary Mnuchin confirms the US plans to reimpose sanctions on Iran, while a separate report states the White House plans to announce the decision on Friday. North Korea’s propaganda outlet called for the total suspension of joint military drills between South Korea and the United States on Friday, according to Yonhap.

Oil prices retreated from 2014 highs hit the previous day, but stayed near three-year highs on signs of tightening supply in the United States. Brent crude futures hovered at $69.28 a barrel after hitting $70.05 a barrel on Thursday, their highest level since November 2014, while U.S. West Texas Intermediate (WTI) crude futures stood at $63.49, down 0.3 percent on the day.

TRADERS VIEW

The euro hit a three-year high versus the dollar as progress in German coalition talk provides another supporting argument for bulls before the much-anticipated released of U.S. inflation data. The market is now pricing in a 74% chance of a 10-basis-point increase in the ECB’s deposit rate in December. The Bloomberg Dollar Spot Index headed for its fifth week of losses as a miss in producer prices on Thursday kept weighing on sentiment. Treasuries were steady while European stocks traded in the green.

GBPUSD – The pair rallies amid broad dollar weakness and made 1.3743 as a high last week

 

GBP/USD

USDJPY – The pair trades in a narrow 110.50 – 111.44 range

 

USD/JPY

 

EURUSD – The pair remains near a three-year high of 1.2239 reached after the reports that German negotiators reached a preliminary agreement accord on a coalition.

 

EUR/USD

 

AUDUSD – The Aussie and Kiwi swing losses after both earlier touched a 15-week high.

 

AUD/USD

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***Information contained in this newsletter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making but merely provides information from the market for its clients as additional information is made available as per the events occurring in the financial markets.

 

HIGH RISK WARNING:

Trading Foreign Exchange (Forex) and Contracts for Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.

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