SP 500 snaps three-day winning streak as China cuts short trade visit

Dmitry Lukashov IFC Markets

Dollar strengthening resumes

US stocks pulled back on Friday as President Trump said he wanted a complete trade deal with the China, not just an agreement for China to buy more US agricultural goods. The S&P 500 slid 0.5% to 2991.90, falling 0.5% for the week. Dow Jones industrial lost 0.6% to 26934.19. The Nasdaq fell 0.8% to 8117.67. The dollar resumed strengthening: 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 0.1% to 98.46 and is higher currently. Stock index futures point to lower openings today.

CAC 40 leads European indexes movement

European stocks extended gains fifth straight week on Friday led by energy and bank shares. Both EUR/USD and GBP/USD turned lower Friday with both pairs falling currently. The Stoxx Europe 600 Index gained 0.3%. The DAX 30 added 0.1% Friday to 12468.01. France’s CAC 40 advanced 0.6% while UK’s FTSE 100 slid 0.2% to 7344.92.

Shanghai Composite leads Asian indexes losses

Asian stock indices are mostly lower today. Japan’s Nikkei is closed for a holiday with yen lower against the dollar. China’s markets are lower as traders watch anxiously for developments on US-China trade negotiations front: the Shanghai Composite Index is down 1.0% and Hong Kong’s Hang Seng Index is 0.9% lower. Australia’s All Ordinaries Index extended gains 0.2% with the Australian dollar’s climb against the greenback resuming.

Brent slips

Brent futures prices are extending losses today as US continues investigation on alleged Iran involvement in last week drone attacks on crude facilities in Saudi Arabia. Prices slipped on Friday: Brent for November settlement ended 0.2% lower at $64.28 a barrel Friday, posting 6.7% gain for the week.

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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 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 flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

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.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

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.