Trump stops the selloff in its tracks

Chris Beauchamp IG

Another day of selling has been averted by some comments from the White House, but gold is sharply lower for a change, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

Stocks recover after signs of trade détente emerge

It was all set to be another frantic Friday for markets as a US regional bank crisis appeared on the horizon, but comments from President Trump have once again lifted equities off their lows. Long-term market moves are still determined by pedestrian things like earnings and economic growth, but day-to-day the global financial markets are driven by trade war fears and comments from the White House. The past two Fridays have shown how this works in both directions, but at least this Friday is looking to end in a more positive fashion.

Gold to finally reverse course?

It turns out gold goes down as well as up. The price’s apparently-unstoppable march has finally hit a speed bump. Notably we haven’t seen two consecutive down days for gold since August, so investors will have to wait to see if the selling continues on Monday, indicating a potential short-term top in this glittering rally.

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Chris Beauchamp

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.