FTSE 100 hits fresh one-year high

Chris Beauchamp IG

It looks to be a positive end to the week for UK, European and US markets, with the latter buoyed by an upgrade to Q4 GDP, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

FTSE 100 touches new one-year highs

“While a latecomer to the global stock rally, the FTSE 100 has done its best to catch up, reaching a new one-year high today. A 3% gain for the quarter might not be the most impressive return, but the index has made great strides over the past three months, and its previous high is now in sight. Improving earnings, less hawkish monetary policy and rebounding fund flows seem to put the index in a good place for the rest of the year, countering some of the gloom from this morning’s GDP figures.”

US stocks muted after GDP upgrade

“The outlook for the US economy continues to improve, though caution ahead of the long weekend limited any significant upside in early trading. Q4 GDP growth was revised higher, while consumer sentiment has continued to brighten too. The carrot of rate cuts continues to be dangled in front of investors, but the real story is the rebound in earnings over the past year, with further growth expected in Q1 according to current forecasts.”

Author

Chris Beauchamp

EUR/USD stays near 1.1650 with fading momentum

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GBP/USD remains below 1.3450, nine-day EMA

GBP/USD remains subdued for the fourth consecutive day, trading around 1.3430 during the Asian hours on Friday. The momentum indicator 14-day Relative Strength Index at 51.9 is neutral, reflecting slower momentum after firm recent readings. An RSI drop back beneath 50 would strengthen the case for a deeper pullback.

Gold edges lower as USD preserves its recent gains ahead of US NFP report

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