US stocks dip lower on Friday, still set to post strong weekly gains

Haresh Menghani FXStreet

Following three consecutive days of gains, US equity markets took a pause and opened slightly lower on Friday but remained on track to post strong weekly gains on the back of Fed's decision to leave interest rates unchanged.

At the time of writing, the Dow Jones Industrial Average fell 40 points to 18,353, while the broader S&P 500 index lost 7 points to 2,170. Meanwhile, tech-heavy Nasdaq Composite index lost 17 point to 5,323.

No major economic releases were scheduled for release today and hence, bulls took a breather that might lead to a muted trading action on the final day of a busy week.

Later during the day, Philadelphia Fed President Patrick Harker, Atlanta Fed President Dennis Lockhart and Federal Reserve Bank of Cleveland President Loretta Mester are due to speak on a panel. Meanwhile, Dallas Fed President Robert Kaplan is expected to take part in the Q&A session at an energy industry forum in Texas.

In other asset classes, WTI crude oil retreated a bit as traders seemed reluctant to carry big bets ahead of the OPEC meeting this weekend. Meanwhile, gold traded modestly lower, while the greenback (as measured by the US Dollar Index) attempted a tepid recovery.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD treads water above 1.1850 amid thin trading

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day.

GBP/USD flat lines as traders await key UK and US macro data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.365 in Monday's European trading. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold slides below $5,000 amid USD uptick and positive risk tone; downside seems limited

Gold attracts fresh sellers at the start of a new week and reverses a part of Friday's strong move up of over $150 from sub-$4,900 levels. The commodity slides back below the $5,000 psychological mark during the Asian session, though the downside potential seems limited amid a combination of supporting factors.

Bitcoin, Ethereum and Ripple consolidate within key ranges as selling pressure eases

Bitcoin and Ethereum prices have been trading sideways within key ranges following the massive correction. Meanwhile, XRP recovers slightly, breaking above the key resistance zone. The top three cryptocurrencies hint at a potential short-term recovery, with momentum indicators showing fading bearish signs.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

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.