Traders look towards Netflix earnings

Chris Beauchamp IG

Gains in stock markets have slowed as traders turn their eye to the resumption of big-name earnings in the US, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

FTSE 100 fights to move higher

“The past few sessions have seen the FTSE 100 pinned just below 7500, as buyers and sellers fight hard to establish control. The urge to go dip-buying remains strong, but last week’s UK CPI figure continues to loom large as traders reprice expectations around the BoE’s next move. And without any AI or tech stocks to lift it, the index finds itself unable to match recent gains in the US.”

Wall Street edges down ahead of Netflix earnings

“Traders who were cheering on the market as it rallied to fresh highs now find themselves adopting a more cautious tone as they await Netflix earnings tonight. As the first of the ‘Magnificent 7’ to report, the video-sharing giant will likely have an outsize move on the market in the short-term. Having gained 45% since October the stock does look ripe for a little profit-taking, even if the medium-term outlook remains solid.”

Author

Chris Beauchamp

EUR/USD remains bid, focus stays on 1.1900

EUR/USD has broken its two-day run of losses and is ticking modestly higher on Thursday, hovering around the 1.1880 area as the US Dollar struggles to find clear direction. Weekly Initial Jobless Claims rose more than expected, taking a bit of shine off the Greenback, but markets are largely in wait-and-see mode ahead of Friday’s US CPI release.

GBP/USD sticks to the bid bias, still below 1.3700

GBP/USD is trading with decent gains around 1.3650 on Thursday. Indeed, Cable is attempting to shake off the weakness seen earlier in the week amid another choppy session for the Greenback, while a run of disappointing UK data has so far failed to derail the pair’s tentative recovery.