UK Inflation Boosts British Pound Amidst Quiet U.S. Holiday

UK Inflation Boosts British Pound Amidst Quiet U.S. Holiday
Good morning, traders! Today is a bit unusual for a Wednesday as it's relatively quiet due to the American holiday, which means no major data releases from the U.S. The significant data point today was from the UK, where inflation dropped to 2%, meeting expectations and down from 2.3%. This has positively impacted the British Pound, making it the second strongest currency today, following the Australian dollar.

In the world of indices, there's a clear divide. U.S. indices are hitting or nearing long-term highs, showing strong bullish momentum. In contrast, European indices like the FTSE and DAX are struggling, highlighting differing market conditions across regions.

Turning to commodities, we're witnessing a general uptrend. Oil is experiencing a mid-term bullish correction, while precious metals are attempting to break free from their bearish trends. Gold is notably trying to break out of a symmetric triangle pattern to the upside, and platinum is breaking significant resistance levels, potentially starting a new bullish phase.

The currency market saw significant movement yesterday, particularly with the Swiss Franc, which saw EUR/CHF and USD/CHF reach new mid-term lows. However, today brings a slight correction for the Swiss Franc. The Australian dollar remains consistently strong this week, outshining other currencies.

A noteworthy development is Nvidia surpassing Microsoft to become the most valued company on the stock exchange. Nvidia's continued strong performance suggests investor confidence remains high.

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