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Most read: Euro Outlook – Market Sentiment Signals for EUR/USD, EUR/GBP, EUR/JPY

The first quarter of 2024 marked a chapter in market history. Relentless AI hype has propelled tech-heavy indexes to dizzying new heights, with major companies like Nvidia, Alphabet, and Microsoft riding the wave of investor euphoria.

Furthermore, expectations regarding the US Federal Reserve's monetary policy outlook pushed up risk assets. The Fed maintained its stance through the first quarter, but policymakers gained more confidence in the inflation outlook following one of the most aggressive tightening cycles in decades through 2022-2023. He acknowledged that it is “not far off'' before banks start reducing borrowing costs.

Against this backdrop, the S&P 500 index rose 10.15% to close at a record high of 5,254. Similarly, the Nasdaq 100 rose 8.5%, building on the 14% gain seen in the October-December 2023 period, with a slightly slower pace, but still significant gains.

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Elsewhere, gold, which faced difficulties at the start of the year, began a strong reversal from mid-February. The rally was driven in part by speculation that the FOMC would prioritize economic growth over inflation concerns and begin easing its stance as early as June, sending precious metals prices above historic $2,200 levels by late March. pushed the price to a new high.

US Stock Index and Gold Q1 Performance

Source: TradingView

In foreign exchange markets, the US dollar showed notable strength across the top economies, particularly against the Japanese yen. For example, USD/JPY soared more than 7% throughout the first quarter, tantalizingly close to regaining the 152.00 level, the psychological threshold for the Japanese government.

The yen failed to gain support from the Bank of Japan's move to abandon negative interest rates, as the bank said it expects financial conditions to remain accommodative for the time being. Traders interpreted the dovish signal as an indication that the country is slow in its normalization cycle and will continue to be at a yield disadvantage relative to other countries.

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Looking ahead, the global trend towards monetary easing is expected to change market dynamics, assuming there is no significant upside to inflation. This could provide support for risk assets, especially in the context of improving and stabilizing economic growth. Meanwhile, the dollar could fall, but the downside would be limited if other central banks adopt a more dovish outlook than the Fed.

The second quarter is expected to see a whirlwind of market forces, setting the stage for exciting trading opportunities across currencies, commodities, and cryptocurrencies. Will recent trends continue, or will new players emerge? For expert insight into the factors shaping Q2, check out DailyFX's comprehensive technical and fundamental forecasts. Your next winning trade is waiting – unleash your potential!

If you're looking for a broader perspective on U.S. stock indexes, be sure to download our Q4 Stock Market Trading Guide. This is your gateway to a wealth of ideas and essential insights.

Technical and fundamental forecast for the second quarter

AUD Q2 Fundamentals Forecast: The long downtrend in AUD/USD may finally fade

This article focuses on the fundamental outlook for the Australian dollar and analyzes the market catalysts and key factors expected to have a significant impact on currency trends in the second quarter.

Japanese Yen Q2 Technical Forecast: USD/JPY, EUR/JPY, GBP/JPY in critical situation

This article explores the technical outlook for the Japanese Yen in the second quarter across three major pairs: USD/JPY, EUR/JPY, and GBP/JPY. This article takes into account both price dynamics and market sentiment to form a comprehensive and holistic outlook.

Fundamental outlook for the second quarter of the pound – will the Bank of England join the second quarter interest rate cutting club?

The Bank of England's Monetary Policy Committee adopted a dovish stance at its last meeting, sparking debate about the possibility of policymakers bringing forward their first rate cut. Interest rate expectations could have a significant impact on the pound in the second quarter.

Stock Q2 Technical Outlook: Record-setting stocks show no signs of slowing down

After hitting multiple all-time highs, U.S. stock indexes are now trading at or near new highs with little sign of fatigue. Fibonacci predictions show you where the price is likely to go.

Crude Oil Q2 Fundamentals Forecast – OPEC Production Cuts Will Support Prices

Oil prices may continue to rise in the second quarter of 2024, but remain subject to the considerable short-term uncertainty that dogged them at the beginning of the year.

Cryptocurrency Q2 Technical Forecast: Bitcoin, Ethereum, Solana. What happens next?

In this article, we explore the Q2 technical outlook for Bitcoin, Ethereum, and Solana, and analyze the sentiment and key price metrics that deserve attention in the short term.

Gold Q2 Fundamentals Forecast: Neutral situation – neither bullish nor bearish

This article provides an in-depth analysis of the fundamental outlook for gold prices in the second quarter, examining key market themes and key drivers that could play a pivotal role in shaping the trajectory of the precious metal. To do.

Euro Q2 Technical Forecast: EUR/USD, EUR/GBP, EUR/JPY

EUR/USD has had a bumpy ride so far this year, with the most actively traded currency pair starting the year just off its six-month high and hitting a peak for several weeks in mid-February. It fell to an all-time low. See what's coming up in Q2.

US dollar second quarter forecast: dollar moves forward as major central banks cut interest rates

The US dollar had an incredible performance in the first quarter. This trend is likely to continue, but perhaps to a lesser extent now that growth is slowing and interest rate cuts are the focus.

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