US equities are in rally mode, underpinned by optimism that the worst of the pandemic may be over amid signs that the number of infections is slowing. The unprecedented lockdowns of G-20 economies appear to be having an impact. The US is on lockdown through the month of April, but officials are beginning to discuss what to do next. The Dow is up 4.15%, the S&P 500 is up 3.9% while the NASDAQ has climbed 3.1% in opening trades this week. Solid gains are evident in Europe, where the Euro Stoxx has improved 3.8%, Germany’s DAX is up 4.5% and France’s CAC 40 has firmed 3.4%. The UK’s FTSE 100 is 2.1% higher. Asian stock markets posted gains, as Japan’s Nikkei 225 closed with a 4.2% gain while Hong Kong’s Hang Seng rose 2.2%. China’s stock market was closed for a holiday.
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EUR/USD stays below 1.0800 after upbeat US data
EUR/USD stays under bearish pressure and trades slightly below 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold clings to strong daily gains above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.