US equities rebound on US economy strength hopes

Dmitry Lukashov IFC Markets

Dollar strengthening resumes

US stock market rebounded on Monday as positive data supported confidence in US economic health. The S&P 500 gained 0.2% to 2637.72. Dow Jones industrial added 0.1% to 24423.26. The Nasdaq composite index rose 0.7% to 7020.52. The dollar turned sharply higher as US job openings rose to 7.08 million in October : 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, jumped 0.6% to 97.20 but is lower currently. Futures on stock indexes indicate higher openings today.

FTSE 100 slides less than other European indices

European stocks resumed retreating on Monday. The EUR/USD joined GBP/USD’s sharp slide with both currently rising. The Stoxx Europe 600 index lost 1.9%. The DAX 30 fell 1.5% to 10622.07 as Federal Statistical Office reported the trade surplus narrowed. France’s CAC 40 slumped 1.5% as the Bank of France said the French economy will grow slower than originally projected. UK’s FTSE 100 slid 0.8% to 6721.54 as Prime Minister May confirmed she would delay a parliamentary vote on her Brexit plan.

Australian stocks lead Asian indices gains

Asian stock indices are mostly higher today as US and China started the latest round of trade talks late Monday.Nikkei fell 0.3% to 21148.02 as yen‘s climb against the dollar resumed. Chinese shares are rising: the Shanghai Composite Index is up 0.3% while Hong Kong’s Hang Seng Index is 0.1% higher. Australia’s All Ordinaries Index pared some of previous session sharp losses as it rose 0.4% with Australian dollar climbing against the greenback.

Nikkei not recovering to resistance 12/11/2018 Market Overview IFC Markets chart

Brent up after Libya outage

Brent futures prices are edging higher today as Libya's National Oil Company declared force majeure on exports from the El Sharara oilfield. Prices fell yesterday after a Friday rally on news of OPEC output cut agreement: February Brent crude fell 2.8% to $59.97 a barrel on Monday.

Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.

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 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.