Donald Trump may or may not have the biggest nuclear button in the world, but his country does currently have one of the strongest equity indices. It’s the same old story for stock markets this afternoon as the Dow Jones has pushed to yet more record highs, this time breaking through the 25,000 level as another strong surge in oil prices, added to a strong ADP payroll print has pushed global equity markets higher.
The U.S. dollar is the story for the first trading day of 2018 with as euro/dollar (EUR/USD) currency pair trades toward the key 1.2090-1.2100 levels. Across the major currencies the dollar is down against all of them, with Nok, Won and Sing dollar the best performers.
Our Wednesday's intraday trading outlook was neutral. It proved accurate, because the S&P 500 gained 0.1% following neutral opening of the trading session. The broad stock market extended its short-term fluctuations. We still can see medium-term technical overbought conditions.