S&P 500 and Dow exit correction territory

Dmitry Lukashov IFC Markets

Dollar strengthens on fewer jobless claims

US stock market rose fifth straight session on Thursday as Fed chair Powell reiterated the central bank will be patient with interest rate hikes. The S&P 500 rose 0.5% to 2596.64. The Dow Jones industrial average gained 0.5% to 24001.92. Nasdaq composite index added 0.4% to 6986.07. The dollar strengthened as new jobless claims fell more than expected to 216,000 last week: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.4% to 95.537 but is lower currently. Stock index futures indicate lower openings today.

FTSE 100 leads European Index gains

European stock markets added to previous session gains on Thursday. Both the GBP/USD and EUR/USDs turned lower but are rising currently. The Stoxx Europe 600 index gained 0.3%. Germany’s DAX 30 added 0.3% to 10921.59. France’s CAC 40 fared the worst sliding 0.2% and UK’s FTSE 100 ended 0.5% higher at 6942.87.

Australian stocks fall despite better than expected sales data

Asian stock indices are mostly higher today. Nikkei rose 1% to 20359.70 with yen little changed against the dollar. Chinese indices are higher buoyed by hopes of improving trade prospects after news China’s top trade official, Vice Premier Liu He, will visit the US for more trade talks later this month. The Shanghai Composite Index is up 0.7% and Hong Kong’s Hang Seng Index is 0.6% higher. Australia’s All Ordinaries Index retraced lower 0.4% despite better than expected retail sales report as Australian dollar accelerated its climb against the greenback.

Brent rally endures

Brent futures prices are advancing today. Prices rose yesterday ninth consecutive session. Brent for March settlement closed 0.4% higher at $61.68 a barrel on Thursday.

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Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

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.