US stocks resumed gaining

Dmitry Lukashov IFC Markets

Dollar weakens after weaker than expected industrial data

US stock market resumed advancing on Friday. S&P 500 rose 0.5% to 2822.48, closing 2.9% higher for the week. Dow Jones industrial gained 0.5% to 25848.87. The Nasdaq added 0.8% to 7688.53. The dollar strengthening reversed on a weaker than expected reading of just 0.1% rise in US industrial production in February. 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, lost 0.2% to 96.521 and is lower currently. Futures on US stock indexes point to higher openings today.

SP500 breaching resistance above MA(200) line 03/18/2019 Market Overview IFC Markets chart

CAC 40 outperforms other European indices

European stocks extended gains on Friday. Both the GBP/USD and EUR/USD resumed gaining with both pairs higher currently. The Stoxx Europe 600 Index gained 0.7%. The DAX 30 rose 0.9% to 11685.69. France’s CAC 40advanced 1% and UK’s FTSE 100 added 0.2% to 7244.05.

Shanghai Composite leads Asian indices gains

Asian stock indices are higher today despite weekend reports the summit between President Donald Trump and China’s President Xi Jinping to sign an agreement ending the trade war may be pushed back to June. Nikkei rose 0.6% to 21584.5 with yen resuming its slide against the dollar. Chinese markets are gaining: the Shanghai Composite Index is up 2.5% and Hong Kong’s Hang Seng Index is 1.4% higher. Australia’s All Ordinaries Index added 0.3% as the Australian dollar accelerated its climb against the greenback.

Brent higher

Brent futures prices are higher today supported by OPEC cuts. Prices ended lower on Friday despite Baker Hughes report that the number of active US rigs drilling for oil fell for a fourth straight week: Brent for May settlement fell 0.1% to close at $67.16 a barrel Friday, gaining 2.2% 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 hits two-day highs near 1.1820

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GBP/USD reclaims 1.3600 and above

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Gold climbs further, focus is back to 45,000

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Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

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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.