European equities have made tentative gains today following the shock collapse of markets last week. The Greek affair clearly has had a profound impact upon sentiment and despite much of the Grexit risk being mitigated, the technical chartists among us will notice that there has been a lot of bearish price patterns that simply cannot be undone.
The Greek crisis may not be as far away as thought, with Alexis Tsipras revealing that Syriza's hardliners could force an early election to gain a parliamentary majority. The €86 billion bailout will be unlikely to emerge prior to the 20 August deadline, as creditors will require a relatively stable country which has the right structure in place to implement the controversial austerity measures.
Twitter's rollercoaster continues, with a rise in earnings leading to an 11% gain, only to be erased as investors realise that without a clear succession plan for the CEO, coupled with slowing user growth, the firm will continue to languish despite its enviable user base.
Crude oil prices spiked higher following the latest US inventories figure, which posted a weekly fall of 4.2 million barrels. The gradual drawdown of historically high stockpiles means that despite a steady move towards something like normality, the supply and demand picture remains out of kilter, a fact reflected in the six-month low seen in Brent yesterday.
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EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD continues its downward trend for the fourth consecutive day, driven by a stronger US Dollar influenced by the hawkish market sentiment surrounding the Federal Reserve and expectations of prolonged higher interest rates.
GBP/USD: The first downside target is seen at the 1.2600–1.2605 zone
GBP/USD trades on a weaker note around 1.2620 during the early European session on Friday. The decline of Pound Sterling is backed by the growing speculation that the Bank of England will begin the rate-cut cycle this year.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.