Buyers take charge across indices

Chris Beauchamp IG

A more positive tone prevails across markets this afternoon, and for a change the Dow Jones is outperforming the Nasdaq 100 so far in the session, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

FTSE 100 solidly higher after BoE rate decision

“UK stocks had been in limbo ahead of the BoE decision, but the decision was perceived in a dovish light and provided a tailwind for the London market. Ocado’s slump has knocked a point off the index, but the broad-based rally has powered the FTSE 100 to a two-week high, and this could mark the start of a new leg higher for the index as investors continue to take advantage of the competitive valuation on offer.”

Dow higher while Nasdaq 100 consolidates

“The Nasdaq 100’s ascent has paused for now following its move to 20,000, but instead the lagging Dow Jones has made headway in early US trading this afternoon. Broadening participation in the rally would be a major boost for investors, who have fretted about the sustainability of the rally, given that it was big tech that was making all the running.”

Author

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.