S&P 500 marches on beyond 5,000

Chris Beauchamp IG

Equities have climbed in Monday trading, with the Dax above 17,000 again and the S&P 500 consolidating its hold on 5000, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

Stocks make fresh gains

“The new week has begun with gains for stocks, though once again the FTSE 100 has been left out thanks to weakness in its heavyweight pharmaceutical stocks. European indices have led the way today, and despite fears of broad-based weakness in the eurozone economy both the Dax and CAC40 continue to hover near record highs.”

US inflation data looms

“Tomorrow’s CPI reading in the US promises to be the main event of the week. Price growth is expected to keep slowing towards the Fed’s target, so investors will be hoping for a bigger-than-expected drop in order to provide the foundations of a rally to fresh record highs for US indices.”

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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

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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.