Mixed performance across indices but Crude Oil falls again

Chris Beauchamp IG

Stocks continue their see-saw week ahead of tomorrow's Fed decision, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

Stocks continue to drift ahead of Fed decision

The 48 hours before a Fed decision are rarely a good time to make short-term investment decisions. The week so far has been indecisive at best, but early trading in the US has seen some tentative buying. Trump’s decision to allow Nvidia to hawk its most sophisticated chips to China gave the stock a boost overnight, but that bounce is fading. Meanwhile Trump’s Fed pick Hassett has been banging the drum for the US economy, but it seems investors would rather focus on the existing Fed chair, at least until after tomorrow’s decision.

Crude oil prices fall again

Crude oil’s drift lower has been a key feature of the last six months. As the year’s end looms, it seems little has changed. Demand weakness and ample supply remains the story, and Friday’s bounce now feels like a long time ago. Crypto prices may have found their support level in recent weeks, but we may have to wait to find a similar point for oil until January.

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Chris Beauchamp

EUR/USD stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus.

GBP/USD holds above 1.3600 after UK data dump

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Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Sonic Labs’ vertical integration fuels recovery in S token

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