FTSE 100 drifts but Oil price jumps on Doha news

Chris Beauchamp IG

Mining M&A has failed to boost the FTSE 100 but renewed Middle East tensions provoked a spike in oil, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

FTSE 100 flails despite Anglo American news

A jump in Anglo American has failed to provide the spark for a broader FTSE 100 rally today. The index, along with most other global indices, seems to still be in search of a catalyst to renew the move higher. No doubt this is due to caution ahead of the vital US inflation print this week, which itself is just a prelude to next week’s expected Fed rate cut.

Oil surges on Middle East tensions

The Middle East has dropped off investor radar since the Israel-Iran conflict, but the Doha attack has helped lift oil prices this afternoon. The strike threatens to reignite tensions within the region, but OPEC’s recent production increase should help contain the price surge.

Author

Chris Beauchamp

EUR/USD weakens below 1.1650 as strong US data boosts Fed hold outlook

EUR/USD extends its losses for the third consecutive session, trading around 1.1640 during the Asian hours on Thursday. The pair loses ground as the US Dollar advances as a stronger-than-expected United States Producer Price Index and Retail Sales, along with last week’s easing Unemployment Rate, reinforced the case for the US Federal Reserve to keep interest rates on hold for the coming months.

GBP/USD holds above 1.3400 after UK GDP data

GBP/USD holds above 1.3400 in European trading, fading a spike to near 1.3450. The pair jumped on the upbeat UK growth and industrial data but failed to hold the uptick amid a broadly firmer US Dollar. The focus now turns to the mid-tier US data releases for further directives.

Gold trades near $4,600 after pulling back from record highs

Gold loses ground after hitting a fresh record high of $4,643 in the previous session, trading around $4,600 per troy ounce on Thursday. The non-interest-bearing Gold lost ground as a stronger-than-expected United States Producer Price Index and Retail Sales, along with last week’s easing Unemployment Rate, reinforced the case for the US Federal Reserve to keep interest rates on hold for the coming months.