Shell losses weigh on FTSE 100

Chris Beauchamp IG

Another fall for Shell has weighed on the FTSE 100, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

Shell slumps despite Oil price bounce

The FTSE 100 has lingered in the red following today’s update, with the outlook compounded by the realisation that non-US oil firms are likely to miss out from any Venezuela bonanza. Energy stocks are already widely disliked, but when Chevron, Exxon and others are poised to benefit from the midnight raid on Caracas, why bother with anyone else? Elsewhere Tesco’s slump has also detracted from the index, which remains in the red even with BAE and Rolls poised to benefit from a US defence splurge next year.

Battle for Bitcoin intensifies

Bitcoin might have reversed from $95,000, but some furious buying at $90,000 raises hope that the latest bounce might not go the way of all the others since the summer. The volatility in gold and silver will have shifted some flows towards cryptocurrencies, with the hope that tomorrow’s payrolls will be weaker than forecast, bolstering hopes both that the Fed will cut and that the US economy is facing significant headwinds.

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Chris Beauchamp

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.