The tech-heavy NASDAQ, hit record highs on Wall Street, brushing off the energy crises and wars in both Europe and the Middle East. AI remains controversial but appears to be fuelling the next boom on equity markets. President Trump addressed the UN overnight, in New York and confirmed military action would not occur until after the Mid-Term elections in November. He stated, that the US may resort to the ‘all-out destruction of Iran’, if a deal is not reached. Attention will now turn to the US/ China summit, commencing tonight and scheduled to last for two days. This may result in some serious progress on trade and perhaps some influence on the current wars. The US Dollar remains popular, with the EUR drifting to 1.1435, while the GBP trades 1.3325.Commodity currencies struggle, with the AUD testing the downside of 0.7100, while the NZD bounced off 0.5700 overnight. The prospects of a further rate rise, from the RBNZ, may well lend some short term support for the currency, by improving marginals.
