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    Risk demand reemerges cautiously, but caution remains in place

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Home » Global stocks at record highs while dollar demand wanes ahead of the weekend

Global stocks at record highs while dollar demand wanes ahead of the weekend

by Stephen Soo
February 5, 2021 04:40
in Fundamental analysis
0
Euro recovers despite the warning that Spain’s economy could contract by as much as 12.4% this year

Investors await the release of the January jobs report due later today

Wall Street stocks jumped overnight, extending the rally into a fourth consecutive day as investors digested mostly upbeat corporate earnings and strong economic data. First-time claims for unemployment insurance totaled 779,000 for the week ended January 30, below the 830,000 estimate from analysts. As such, the S&P 500 index rose 1.09%, the Dow Jones Industrial Average picked up 1.08%, and the technology-heavy Nasdaq gained 1.23%.

Now, investors await the release of the January jobs report due later today.Echoing a rally on Wall Street, Asian equities were higher on Friday amid lingering hopes for global economic recovery from the coronavirus pandemic. Japan’s benchmark Nikkei 225 surged 1.54%, Australia’s S&P/ASX 200 rose 1.11%, South Korea’s Kospi climbed 1.07%. Hong Kong’s Hang Seng jumped 0.60%, while the Shanghai Composite bucked the trend again and shed 0.16%.

In Europe, opened modestly higher on Friday as investors look to vaccine rollouts for hopes of normalization. The pan-European Stoxx 600 climbed around 0.25% in early trade. On the data front, UK January Halifax house prices came in at -0.3% versus +0.3% m/m expected while in Germany, factory orders contracted by 1.9% in December versus -1.0% m/m expected.

As for currencies, dollar demand has waned following this week’s rally that took the USD index to two-month highs despite positive risk sentiment. If the upcoming US employment data comes in better than expected, the greenback could turn positive on the day amid a sign of a more robust economic recovery in the US as compared to other countries.

Elsewhere, bitcoin price has settled marginally below the $38,000 figure following yesterday’s rejection from the $38,700 area last seen in mid-January. As long as the BTCUSD pair remains above the 20-DMA (today at $34,250), downside risks are limited. On the upside, the $40,000 handle remains in focus.

Tags: BTCUSDDOW JONESHang SengNasdaqNikkeiStoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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