📈 The Standard & Poor's 500 index rose to a new record high yesterday as shares of artificial intelligence company Nvidia continued to record new highs, surpassing Microsoft as the most valuable public company in the market. The Nasdaq index of giant technology stocks also closed at a record high, but recorded only marginal gains at the end of the session.
🚀 Nvidia's stock rose by 3.5%, surpassing Microsoft as the public company with the most market value, and it is clear that the company continues to outperform after its market value exceeded the level of $3 trillion and exceeded the value of Apple earlier this month. It is worth noting that the chip maker's shares have risen by 174% since the beginning of the year, at a time when the artificial intelligence revolution is still continuing.
📊 Retail sales rose by 0.1% in May, versus economists’ expectations of a 0.3% rise, while another report showed that industrial production recorded a strong performance in May, as did manufacturing production. Following this news, markets raised their bets somewhat and began to expect that the Federal Reserve will make two rate cuts this year.
💲 The dollar fell in the immediate aftermath, however, its losses remained limited against a basket of currencies. The dollar began to recover some of its losses this morning, and the dollar index recorded its last trading, rising by 0.02% to 104.88. It is worth noting that American markets will remain closed today for the Freedom Day holiday.
💱 The dollar remained stable against the yen at 157.89, as the latter remains under pressure due to wide interest rate differentials between Japan and the United States. Minutes from the Bank of Japan's April monetary policy meeting this morning showed that policymakers discussed how a weak yen would impact prices, however, the market had no reaction to the release.
💶 The euro last recorded its trading at a low of $1.0738, as it remained affected by political tensions in France and the eurozone as a whole. It is worth noting that today the European Monetary Union current account and construction outputs will be published.
💷 The British pound fell 0.03% to $1.2705 ahead of the release of UK inflation data, after which the Bank of England's monetary policy decision will be issued on Thursday, when it is expected to keep interest rates unchanged.
😎 The Australian dollar significantly outperformed the US dollar, supported by the hawkish stance adopted by Michelle Bullock - Governor of the Australian Reserve - yesterday in a press conference held following the central bank’s decision on interest rates. The Australian dollar recorded its last trading session, rising by 0.16% at $0.6665, continuing its gains of 0.66% achieved during the previous session. Meanwhile, the New Zealand dollar fell 0.15% to $0.6133.
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