Another quiet session ahead of the weekend

Chris Beauchamp IG

With US markets only open for half a day, global markets saw a lacklustre, low volume session says Axel Rudolph, Senior Market Analyst at online trading platform IG.

Germany on track for double-dip recession

“Stocks lacked direction in low volume, low volatility trading as US private sector activity expanded marginally and German IFO business morale improved less-than-expected. Indices, except the FTSE 100, rose for a fourth consecutive week despite Europe's economic engine heading towards a double-dip recession as Germany's final Q3 quarter-on-quarter GDP dropped to -0.1% as forecast."

Global yields bounce off their multi-month lows

“Global yields recovered form their November lows amid low volume trading ahead of next week when a large number of US Treasuries will be up for sale. This didn't seem to help the Us dollar, though, which continued to slide. Commodities such as oil, gold and silver also traded in low volatility, low volume ranges ahead of next week's postponed OPEC+ meeting which will now take place on 30 November."

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Chris Beauchamp

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.