US equities rally to record highs in Q2 2025. The US dollar extends losses, particularly against the Japanese Yen. Gold shows strength, while Asian markets exhibit mixed performances amid tariff threats.
Singapore’s STI rallied to a record high, JPY, gold in focus
US equities ended the second quarter of 2025 on a high note as the S&P 500 and Nasdaq 100 rallied towards another record high on the last trading day of June and Q2. The S&P 500 erased all its Q1, and early April’s losses inflicted by the US President Trump’s “Liberation Day” tariffs announcement, and recorded a monthly gain of 5% in June, followed by a quarterly gain of 11% in Q2, notching its best performing quarter since December 2023.
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Asia Pacific stock markets were mixed in the first half of today’s Asia session. Japan’s Nikkei 225 dropped by -1%, putting a pause on its prior five sessions of consecutive gains. The underperformance of the Nikkei 225 was driven by US President Trump’s threat to impose a fresh tariff level on Japan, citing the country’s unwillingness to accept US rice exports as the 9 July deadline looms for higher reciprocal tariffs to restart for US trading partners (excluding China).
Singapore’s Straits Times Index recorded an intraday gain of 0.8% and hit an intraday all-time high level of 3,995, above the prior record closing level of 3,972 printed on 24 March 2025. Australia’s ASX 200 added a marginal intraday gain of 0.1% to 8,549, just 1.5% away from its all-time high level of 8,639 seen on 13 February 2025. The Hong Kong stock market is closed for a public holiday.
The US dollar has extended its losses at the start of a brand-new month of July, and the third quarter led by the Japanese yen as the USD/JPY shed by -0.4% to an intraday level of 143.64, breaking below a key medium-term ascending range support of 143.90.
The current bout of yen strength has been reinforced by a rosy Tankan Large Manufacturers Index data that edged up to 13 in Q2 2025 from a one-year low of 12 in the previous period, beating market forecasts of 10, as the economy navigates through rising U.S. tariffs.
Gold (XAU/USD) continued its upbeat tone in today’s session as it rallied by 0.8% intraday gain after yesterday’s positive return of 0.9% supported by a weaker US dollar. A clearance above US$3,346 intermediate resistance (also the 20-day moving average) may indicate that the ongoing minor corrective phase of Gold from the 16 June 2025 high is likely to have ended.
Our YouTube video above contains the latest intraday technical analysis on The latest intraday technical analysis on US Wall Street 30, US Nas 100, US SPX 500, Hong Kong 33, Japan 225, Germany 30, EUR/USD, GBP/USD, AUD/USD, USD/JPY, Gold (XAU/USD), and West Texas Oil.
