Dow closes above 45,000 as turmoil envelopes France
2024 has been a stellar year for US equities, and the Dow's first close above 45,000 seems to mark the culmination of a two-year rebound. Hints of another rate cut this month, plus continued strong earnings and GDP growth, mean that investors see little alternative but to keep putting money to work in the world's largest economy.
Meanwhile, European instability was underscored by the expected collapse of the Barnier government in France. A new caretaker will be appointed swiftly, but there seems no way out of the budget impasse. Markets remain calm for now, but if the Far Left and Right succeed in eventually toppling Macron as president then we can expect a fresh round of jitters in French yields, the CAC40 and the euro.
New milestone for Bitcoin
Bitcoin's move above $100K will dominate chatter across dealing rooms today. The move comes hours after Powell put gold and bitcoin in the same speculative category; bitcoin aficionados will view this as a sign that the upstart asset finally has the recognition they believe it deserves.
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EUR/USD bounces off lows, retests 1.1370
Following an early drop to the vicinity of 1.1310, EUR/USD now manages to regain pace and retargets the 1.1370-1.1380 band on the back of a tepid knee-jerk in the US Dollar, always amid growing optimism over a potential de-escalation in the US-China trade war.
GBP/USD trades slightly on the defensive in the low-1.3300s
GBP/USD remains under a mild selling pressure just above 1.3300 on Friday, despite firmer-than-expected UK Retail Sales. The pair is weighed down by a renewed buying interest in the Greenback, bolstered by fresh headlines suggesting a softening in the rhetoric surrounding the US-China trade conflict.
Gold remains offered below $3,300
Gold reversed Thursday’s rebound and slipped toward the $3,260 area per troy ounce at the end of the week in response to further improvement in the market sentiment, which was in turn underpinned by hopes of positive developments around the US-China trade crisis.
Ethereum: Accumulation addresses grab 1.11 million ETH as bullish momentum rises
Ethereum saw a 1% decline on Friday as sellers dominated exchange activity in the past 24 hours. Despite the recent selling, increased inflows into accumulation addresses and declining net taker volume show a gradual return of bullish momentum.
Week ahead: US GDP, inflation and jobs in focus amid tariff mess – BoJ meets
Barrage of US data to shed light on US economy as tariff war heats up. GDP, PCE inflation and nonfarm payrolls reports to headline the week. Bank of Japan to hold rates but may downgrade growth outlook. Eurozone and Australian CPI also on the agenda, Canadians go to the polls.
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