Indices rebound as traders shrug off Oracle news

Chris Beauchamp IG

Stock markets have rebounded as swiftly as they retreated overnight, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

Indices recover following Oracle shock

Traders are in the mood to recover their bullish stance after yesterday’s Oracle numbers. Tech stocks have clawed back losses. The Dow has managed to push to a new record high, benefiting once again from the outbreak of bubble fears in tech stocks and the more positive view on US economic growth for the year ahead outlined in the Fed decision last night. Volatility is reversing too, though worries that Broadcom will repeat Oracle’s performance have kept the recovery in tech stocks in check for the moment.

Oil lurches lower again

It is turning into the worst week for oil in two months. Trafigura’s warning on a supply glut yesterday continue to resonate, drowning out the IEA’s suggestion that oversupply will moderate next year. This comes even as gold and silver enjoy a better day, spurred on by renewed losses for the US dollar.

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.