The buyers have taken control of the session this afternoon thanks to a fall in weekly jobless claims in the US, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Stocks continue to endure high volatility
“Investors are rapidly relearning the lesson that spikes in volatility do not immediately subside after the initial move. Both buyers and sellers this week have had to endure wide swings in price action, which will no doubt come as a surprise after months of quieter trading. Stocks seem to have found a low for now, though it is still early days.”
US jobless claims help to bolster risk appetite
“Weekly jobless claims data might well become the datapoint to watch until the next Fed meeting, as investors search anxiously for signs that that the US is headed towards a recession, or that it will swerve this dire outcome. This week’s data was better than expected, helping the cause of those that will argue last week’s payrolls were more a one-off than the beginning of a sustained trend.”
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EUR/USD retreats below 1.0900 on renewed USD strength
EUR/USD struggles to build on European session gains and trades below 1.0900 in the second half of the day on Thursday. Better-than-expected weekly Initial Jobless Claims data from the US supports the USD, causing the pair to stretch lower.
USD/JPY surpasses 147.00 to print daily highs
USD/JPY maintains its constructive bias well in place and reclaims the area beyond the 147.00 barrier against the backdrop of broad-based risk-on mood, further gains in the US Dollar and higher US yields across the curve.
Gold resumes advance after reconquering $2,400
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Bitcoin price poised for a potential relief rally before continuing its current downtrend
Bitcoin's (BTC) price is recovering from initial weekly losses after a 7% drop on Monday, trading 3.8% higher at $57,245 at the time of writing on Thursday.
Blaring the bear market siren
The market may long for a peaceful passage, but we're gearing up for what looks to be more akin to a rollercoaster expedition. Prepare for a potentially "Turbulent Thursday" and brace for what might become a "Frantic Friday."