Technology rally leads US stocks higher

Dmitry Lukashov IFC Markets

Dollar strengthens as Philadelphia Fed index recovers

US stock market rebounded on Thursday led by technology. The S&P 500 rose 1.1% to 2854.88 led by 3.7% Apple surge on analysts’ upgrade. The Dow Jones industrial average advanced 0.8% to 25709.94. Nasdaq composite index rallied 1.4% to 7630.91. The dollar weakening stalled as the Philadelphia Fed’s business activity index rebounded in March indicating improving conditions. 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 96.31 but is lower currently. Futures on US stock indexes point to mixed openings today.

FTSE 100 rise as EU agrees to Brexit delay

European stocks ended marginally lower on Thursday. EUR/USD joined GBP/USD’s slide as the Bank of England held interest rates steady, as widely expected. Both pairs are higher currently. The Stoxx Europe 600 index slipped 0.04%. Germany’s DAX 30 lost 0.5% to 11549.96. France’s CAC 40 slid 0.1% while UK’s FTSE 100 advanced 0.9% to 7185.43 as European Union agreed to postpone Britain’s March 29 departure to May 22 if the UK parliament approves Prime Minister Theresa May’s amended deal with the EU next week. In case of another rejection Britain will have until April 12 to “indicate a way forward.”

Asian indices inch higher

Asian stock indices are mostly higher today. Nikkei ended 0.1% higher at 21627.34 with yen little changed against the dollar. China’s stocks rose as Beijing confirmed Thursday that US Trade Representative Lighthizer and Treasury Secretary Mnuchin will visit China on March 28-29, while Chinese Vice Premier Liu He will travel to Washington early next month to continue the negotiations. The Shanghai Composite Index rose 0.1% and Hong Kong’s Hang Seng Index is 0.1% higher. Australia’s All Ordinaries Index extended gains 0.5% with Australian dollar flat against the greenback.

Brent retraces up

Brent futures prices are gaining today. Prices declined yesterday: Brent for May settlement closed 0.9% lower at $67.86 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.