US stocks open lower for second straight session

Haresh Menghani FXStreet

On the last trading day of the week, major US equity indices opened sharply lower for the second straight session, partly driven by renewed weakness in crude oil prices. WTI crude oil extended the corrective slide and is now inching back closer to the $50.00 psychological mark.

During opening trade, the Dow Jones Industrial Average recorded steep losses of over 100 points and dropped close to 18,000 mark, while the broader S&P 500 index gave up 11 points to 21,30. Meanwhile, tech-heavy, Nasdaq Composite Index fell 15 points to 5,225.

Investors on Friday were also worried over a broad based greenback strength, with the overall US Dollar Index storming to 8-month highs, as it tends weigh on earnings for multinational companies, which is eventually weighing on equity markets.

In other markets, the shared currency extended its bearish slide and the EUR/USD major dropped to seven month low as investors digested the outcome of Thursday's ECB monetary policy meeting. Meanwhile, gold managed to regain its lost ground amid prevalent risk-off mood.

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 hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

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

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

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.