Investors keep a close eye on Bessent testimony

Chris Beauchamp IG

European markets are moving higher this afternoon, while in Washington Scott Bessent’s testimony is commanding plenty of attention from investors, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

FTSE 100 powers to six-week high

The FTSE 100 continues to enjoy gains, having rallied some 4% from its late-December low. European markets have enjoyed a solid day overall, partly benefiting from yesterday’s exuberant performance on Wall Street in the wake of the CPI figures. One notable underperformer on the day is JD Sports, which continues to suffer from its gloomy update earlier in the week – the recovery on Tuesday and Wednesday was only a brief respite, and the selling has resumed on disappointment with the lack of clear plan to revive the group’s fortunes.

US stocks steady as Bessent hearing begins

US indices seem content to hold on to their post-CPI gains as investors await testimony from the latest Trump nominee to face senators. Mr Bessent’s boss has certainly not shied away from making his feelings known on some of his favourite topics, but a more conciliatory tone from the likely new Treasury Secretary could smooth the path higher for Wall Street, bolstered as it is by strong earnings and indications that inflation remains contained.

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Chris Beauchamp

EUR/USD remains offered below 1.1600, seems vulnerable near multi-month low

The EUR/USD pair struggles to capitalize on the overnight bounce from the 1.1530 region, or the lowest level since November 2025, and lower for the third consecutive day on Wednesday. Spot prices slide back below the 1.1600 mark during the Asian session and seem vulnerable to slide further.

GBP/USD slips below key averages as geopolitical risks mount

GBP/USD fell about 0.35% on Tuesday, settling around 1.3350 after slipping below the 200-day Exponential Moving Average for the first time since early December. The pair has pulled back sharply from its late-January high near 1.3870, shedding over 500 pips in a series of lower highs and lower lows.

Gold rebounds ahead of US ADP, will it last?

Gold finds renewed Asian bids and retests $5,230 early Wednesday after the heavy sell-off on Tuesday. The US Dollar stands tall amid escalating Middle East tensions and reduced dovish Fed expectations. Gold defends $5,000 or 50% Fibo level after facing rejection at the 78.6% Fibo resistance at $5,342 amid bullish RSI.

Bitcoin, Ethereum and Ripple struggle for direction as consolidation persists

Bitcoin, Ethereum and Ripple prices trade with a cautious tone at the time of writing on Wednesday as upside momentum continues to fade across the broader crypto market. BTC remains within a parallel channel, ETH struggles below key resistance, while XRP remains fragile within a descending channel. These top three cryptocurrencies by market capitalization continue to struggle to establish a directional bias amid the consolidation phase.

Energy shock 2.0: Why rising Gas prices could hit the Euro

Even without a confirmed, sustained disruption, the mere risk to a key global energy chokepoint is enough to inject a significant premium into European Gas markets. And for the Euro, that matters.

Ripple falters amid sell-off jitters and negative funding rates

Ripple (XRP) has come under pressure, drifting lower to $1.35 at the time of writing on Tuesday. The over 2% correction looks poised to erase the previous day’s gains, which lifted the remittance token to $1.42.