US index futures pushed higher in the first half of Friday’s session, taking cues from a strong performance from European equities. Both European and US equity futures extending yesterday’s impressive recovery after the sharp sell-off earlier in the week. But the lingering concerns around the AI investment cycle remain, while bond markets were easing lower again, lifting yields.
Could EUR/USD and GBP/USD be confirming a bullish rebound? The DXY’s pullback from the 103 resistance level may support a recovery in both pairs, although confirmation is still needed.
The DAX continues to recover from last week's sell-off, supported by easing energy concerns and improving short-term momentum. While buyers have regained control of the four-hour trend, the index is now approaching a critical resistance zone between 25,450 and 25,600. A decisive break higher would strengthen the bullish case and open the door toward 25,800, while failure at resistance could quickly revive downside pressure.
Australian bond futures have exhibited a far stronger relationship with the ASX 200 than Wall Street over recent months. Now both markets are displaying remarkably similar price structures.
AUD/USD has been hit by another ugly Australian employment report, sending RBA rate hike expectations sharply lower. Yet the relationships driving the currency have shifted since quarter-end, and improving risk appetite could provide the fuel for a recovery.
Recent trading sessions have become increasingly relevant for the Dow Jones, as the index has started to regain bullish momentum heading into the end of the week. Over the last three sessions, the DJIA has advanced by more than 0.6%, allowing buying pressure to regain prominence and raising the possibility of a more consistent short-term recovery.
Despite apparent fundamental headwinds, Bitcoin’s price has held up relatively well, bouncing sharply off $80K support - where could it head next?
Carnage may be overstating it a bit given that fresh ATHs were printed just a week ago but if you were reading the headlines, it would certainly seem to be more than just a -2.28% pullback from the high.
Gold is consolidating after a steep selloff, with momentum divergence raising the stakes for the next move ahead of the Fed decision.
Short-term price action around the Japanese yen has started to show some relative improvement over recent sessions. This can be seen in the recent performance of USD/JPY, which has now recorded three consecutive daily declines in favor of the Japanese currency, resulting in a depreciation of roughly 0.35% over the period.
For now, at least, my near-term gold outlook remains modestly bearish, even if I have a strong long-term bullish bias towards gold and especially silver.
EUR/USD was mired in an aggressive continuation of the sell-off after CPI yesterday, but a strong rally from the lows illustrates a stretched marked showing elements of exhaustion.
The US Dollar is testing major support despite hotter inflation as Fed pushback cools yields and forces markets to reassess the path for tightening.
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