S&P, Nasdaq surges ahead
05 November 2021
Nasdaq 100 and S&P 500 set new record as bullish sentiments prevailed on Wall Street on Thursday.
At the end of the day, S&P 500 bettered its position by 0.42% and closed at 4,680 whereas Nasdaq 100 rallied to 16,346, rising by 1.25%. Plummeting rates across US Treasury as a result of the dovish stance adopted by Federal Reserve added fuel to the major indices’ good run.
Australian Dollar took a nosedive against the greenback which grew stronger on account of Sterling weakness. Now, AUD/USD is standing below 0.7400. Investors are waiting for the release of nonfarm pay roll data by the US to take their next step.
Another important pair that waits the US NFP data is EUR/USD. The EUR/USD bears are expecting a bearish close by the end of the week on a solid NFP report. According to Westpac, NFP data should be strong in October with the unemployment rate going down to 4.7%.
However, Gold prices advanced towards $1,800 ahead of US NFP data. Breaking the $1,800 barrier can be a challenging task in light of the Jerome Powell’s remark on rate hikes and transitory inflation.