Forex Today: S&P 500 Index Powers to New All-Time High

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Global stock market indices rose notably higher over the past day on increasing optimism over US-driven trade deals following the 15% tariff applied to Japan earlier this week, with markets led higher by a strong rise in the S&P 500 Index.

1. Global stock markets are generally bullish, led higher by an unusually strong performance yesterday from the broad S&P 500 Index which rose by approximately 40 points. This seems to be mostly due to optimism that the US will now strike more reasonable trade deals with other nations and trading blocs (for example the EU) after agreeing to impose a relatively low 15% tariff on Japanese auto imports earlier this week. Risk-on sentiment has certainly been boosted. It is notable that it is the broad stock market that is outperforming the tech sector, with the NASDAQ 100 Index failing to approach the S&P 500's strong performance yesterday.
2. Precious metals remain in focus although they have mostly lost some ground over the past day. The stellar performer is Silver which reached a new 13-year high price yesterday. Gold also traded well above $3,400 before giving up some of its gains and trading back below $3,400. Looking at other precious metals, Platinum has not performed very well over recent days, but Palladium has.
3. The industrial metal Copper has continued to advance strongly to fresh all-time highs and will be attractive to trend and momentum traders as it looks likely to rise further.
4. Tesla is likely to drop today after releasing worse than expected earnings (revenue and profit) data for Q2 2025.
5. The European central Bank will be holding a policy meeting today and is expected to hold its interest rate at 2.15% due to the risks inherent in its ongoing tariff negotiations with the USA. If the ECB surprises with a rate cut, the Euro will probably drop quite sharply, although it has been rising against the US over recent days, with the EUR/USD currency pair remaining within a valid long-term bullish trend which is probably worth respecting.
6. There will be releases today of high-impact Flash Serices and Manufacturing PMI data in the USA, Germany, the UK, and France.