Dow, SP 500 post record closes

Dmitry Lukashov IFC Markets

Dollar weakens as inflation slows

US stock market rebound accelerated on Thursday as Powel reasserted Federal Reserve’s inclination to ease monetary policy against the background of lingering risks to global growth such as US-China trade dispute. The S&P 500 gained 0.2% to fresh record 2999.91. The Dow Jones industrial average rose 0.9% to new record 27088.08. Nasdaq composite index however slipped 0.1% to 8196.04. The dollar weakening continued as consumer price inflation fell to 1.6% from 1.8% in April: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slipped 0.03% to 97.07 and is lower currently. Stock index futures point to higher market openings today

European indexes slip as IMF calls for fresh stimulus

European stocks slide continued on Thursday after the International Monetary Fund called for fresh stimulus from the ECB. EUR/USD inched down while GBP/USD continued its slide with both pairs higher currently. The Stoxx Europe 600 index ended 0.1% lower. Germany’s DAX 30 lost 0.3% to 12332.12. France’s CAC 40 slipped 0.3% and UK’s FTSE 100 slid 0.3% to 7501.82.

Shanghai Composite leads Asian indexes

Asian stock indices are mostly rising today. Nikkei rose 0.2% to 21685.90 despite yen's resumed climb against the dollar. Chinese shares are gaining despite President Trump’s tweet on Thursday China was not living up to promises it made on buying US agricultural products: the Shanghai Composite Index is up 0.4% and Hong Kong’s Hang Seng Index is 0.2% higher. Australia’s All Ordinaries Index however slid 0.3% as Australian dollar accelerated its climb against the greenback.

Brent up as Tropical Storm Barry advances

Brent futures prices are edging higher today with half US Gulf Coast oil output shut down because of Tropical Storm Barry. Prices fell yesterday: September Brent crude lost 0.7% to $66.52 a barrel on Thursday.

Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.

Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.