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There is little we can pin on the improved sentiment in equity markets, where early gains in the Dax lifted the S&P futures out of negative territory. A strong NYSE open saw cash markets building on these gains, though the notable gainer on the day was the CAD, despite the lack of any product from the Tehran Oil talks. Iran is prepared to cooperate, but few other details. We saw a WTI spike through $30.0, but was short lived, but USD/CAD has been taking out a series of support levels to test into the mid 1.3700’s. USD/JPY recovered from the sub 113.50 move in am London, but is struggling through the mid 114.00’s; pullback tights though. AUD continues to move in tight ranges, though key Australian employment data ahead. For GBP, it was another choppy day, and we saw the heavy tone in Cable lifted by a decent UK jobs report, with claims falling 14.8k in Dec and eventually prompting a retracement through 1.4300. This was also short lived, with buy orders through 1.4250 later filled. EUR/GBP gains through .7800 was reined in by a risk off hit on EUR/USD, but yet again we saw resilient bids ahead of 1.1100 holding firm.
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EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.