Stocks in the red but off their lows

Chris Beauchamp IG

Tech stocks rally after the open

While still firmly in the red, the Magnificent 7 tech stocks have managed to rally off the lows. Having watched these stocks surge of late, it is understandable that many investors will be tempted to go dip buying. But an elevated fear index suggests that the selling is not done yet. Investors will be watching for Iran’s response to Israel’s actions, and in turn Israel’s response, which could add a very unpredictable element into the situation.

Calls for emergency Fed rate cut misplaced

2024 has been a quiet year for markets in terms of actual volatility, so today’s slump in the US feels much worse than it actually is when put into context. Already there are a number of commentators calling for emergency US rate cuts, but at the moment this is still a growth scare. If the latest job numbers are revised higher next month the picture may start to look very different. Besides, the Fed’s job isn’t to rescue investors from volatility.

Author

Chris Beauchamp

EUR/USD looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.