Silver's surge livens up a dull European session

Chris Beauchamp IG

A lacklustre day for European markets has been alleviated by fresh gains for silver and gold, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

FTSE 100 drifts on US bank holiday

The FTSE 100, like other European markets, was always doomed to start September in muted fashion thanks to Labor Day. In a world where Nvidia is larger than the UK stock market (and indeed its French and German peers), US holidays continue to act as a drain on liquidity. The past week has seen the worst run for the FTSE 100 since early May, and an empty corporate calendar this week suggests the drift may continue.

Silver surges to 14-year high

At least precious metals have provided some interest today, most notably silver. Demand for gold’s cheaper cousin remains robust, fuelled by industry appetite and a persistent shortfall that is expected to intensify next year. All eyes now are on inflation and the Fed’s expected rate cut; a boost to inflation this year should only burnish silver’s appeal yet further.

Author

Chris Beauchamp

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD trades with negative bias, eyes 1.3600 ahead of UK jobs data

The GBP/USD pair trades with a negative bias for the second straight day, though it lacks bearish conviction and holds above the 1.3600 mark through the Asian session on Tuesday. Traders now look forward to the release of the UK monthly jobs report, which will influence the British Pound and provide some impetus to the currency pair.

Gold sticks to a negative bias below $5,000; lacks bearish conviction

Gold remains depressed for the second consecutive day and trades below the $5,000 psychological mark during the Asian session on Tuesday, as a positive risk tone is seen undermining safe-haven assets. Meanwhile, bets for more interest rate cuts by the Fed keep a lid on the recent US Dollar bounce and act as a tailwind for the non-yielding bullion, warranting caution for bearish traders ahead of FOMC minutes on Wednesday.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

US CPI is cooling but what about inflation?

The January CPI data give the impression that the Federal Reserve is finally winning the war against inflation. Not only was the data cooler than expected, but it’s also beginning to edge close to the mystical 2 percent target. CBS News called it “the best inflation news we've had in months.”

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.