Stocks edge higher while Oil prices drop from three-week high

Chris Beauchamp IG

Risk appetite continues to recover on Wall Street, while signs of progress in peace talks have pressured oil prices, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

Rebound on Wall Street slows

Trading in recent sessions has been mercifully free of any tariff-related ‘tape bombs’, allowing US stocks to stage a decent rebound from their lows. But the uncertainty ahead of 2 April remains. Corporate insiders have stepped up their buying, which is normally a good sign, key levels like 42,000 on the Dow have been recovered, but for many the rally still remains suspect. Perhaps a coherent plan on tariffs will emerge, but it still feels like the US administration, and markets generally, are stumbling around in the dark.

Oil prices retreat from three-week high

Oil briefly hit a multi-week high today, but reports of an agreement between Russia and the US to stop striking energy facilities meant that crude turned lower during the afternoon. Crude’s bounce from the lows of March has had the feel of a temporary relief rally, and small signs of progress in a peace deal may be just enough to tip energy prices into a fresh downward move.

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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.