Stocks keep on rallying ahead of more tech earnings

Chris Beauchamp IG

Risk appetite still strong ahead of more tech earnings

April’s dip buyers can feel well pleased with their work, and could be justified in looking forward to more gains in May. Last night’s tech earnings helped save markets from the poor GDP reading, and the pressure is now on Apple and Amazon to repeat the trick tonight. Sentiment was so washed out in April that a bounce was inevitable, but it looks like there’s still enough bearishness to go around, providing fuel for more gains as sellers are forced to get back in to the market.

Gold at new two-and-a-half week low

Equities and gold have been inversely correlated of late, and it looks like the correction in the latter has further to go. Fears of a worsening global outlook drove a manic rush into gold, which took it to record highs, but these flows have eased for the time being. While yesterday’s data seemed to justify the flight to gold, a period of better data may well see more short-term downside for the commodity.

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Chris Beauchamp

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.