Another quiet session ahead of the weekend

Chris Beauchamp IG

With US markets only open for half a day, global markets saw a lacklustre, low volume session says Axel Rudolph, Senior Market Analyst at online trading platform IG.

Germany on track for double-dip recession

“Stocks lacked direction in low volume, low volatility trading as US private sector activity expanded marginally and German IFO business morale improved less-than-expected. Indices, except the FTSE 100, rose for a fourth consecutive week despite Europe's economic engine heading towards a double-dip recession as Germany's final Q3 quarter-on-quarter GDP dropped to -0.1% as forecast."

Global yields bounce off their multi-month lows

“Global yields recovered form their November lows amid low volume trading ahead of next week when a large number of US Treasuries will be up for sale. This didn't seem to help the Us dollar, though, which continued to slide. Commodities such as oil, gold and silver also traded in low volatility, low volume ranges ahead of next week's postponed OPEC+ meeting which will now take place on 30 November."

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Chris Beauchamp

EUR/USD holds firm near 1.1850 amid USD weakness

EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.

GBP/USD holds medium-term bullish bias above 1.3600

The GBP/USD pair trades on a softer note around 1.3605 during the early European session on Monday. Growing expectation of the Bank of England’s interest-rate cut weighs on the Pound Sterling against the Greenback.

Gold remains supported by China's buying and USD weakness as traders eye US data

Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Cardano steadies as whale selling caps recovery

Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.