Europe edges down but S&P 500 hits new high

Chris Beauchamp IG

While it hasn't been the busiest session, the S&P 500 has managed to push to yet another new record high ahead of key earnings this week, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

European markets pressured by trade war fears

Reports that the EU was contemplating retaliation against US tariffs have hobbled stocks on the continent, though the losses remained contained thanks to hopes that diplomacy may yet prevail. Overall the tone today’s session has been very muted, with traders on both sides of the Atlantic holding off ahead of a barrage of economic and corporate data later in the week.

New S&P 500 record

The old adage ‘Never short a quiet market’ remains appropriate as we watch the S&P 500 march t yet another new high. Early reports from earnings season suggest that US companies are easily stepping over lowered expectations, helping to juice the rally even further.

Author

Chris Beauchamp

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.