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Risk rally continues to ebb ahead of the weekend

February 12, 2021 03:51
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    Nancy Pelosi’s stomach-turning impeachment charade damages America

    Risk tones keep tentative after Pelosi’s Taiwan visit

    Markets hit by rising tensions between the United States and China

    US-China tensions trigger risk-off trades across the markets

    Investors unsettled despite solid corporate earnings

    Risk appetite looks tepid at the start of the week and the month

    Investor sentiment remains unstable amid geopolitical developments

    Risk demand turns more measured ahead of the weekend

    Risk sentiment keeps deteriorating, dollar climbs

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Home » Risk rally continues to ebb ahead of the weekend

Risk rally continues to ebb ahead of the weekend

by Stephen Soo
February 12, 2021 03:51
in Fundamental analysis
0

The dollar is regaining some ground amid a further deterioration in risk sentiment

Wall Street stocks finished mostly higher overnight, with the S&P 500 index halting a two-day decline while gains for tech shares lifted the Nasdaq 100 by 0.4%. The S&P 500 eked out gains of 0.2% and the Dow Jones Industrial Average slipped 0.02%. On the data front, initial jobless claims filed through the states fell by 19,000 to 793,000 in the seven days ended February 6 versus 760,000 expected.

Asian stocks were lower on Friday, with most regional markets closed for the Lunar New Year holiday. Australia’s S&P/ASX 200 slid 0.63% after the state of Victoria imposed a coronavirus lockdown for at least five days. In Japan, the Nikkei 225 slipped 0.14%. Markets in Hong Kong, mainland China, South Korea, Taiwan and Singapore were shut for the holiday.

In Europe, equities opened marginally lower as risk mood looks more tepid ahead of a long weekend in the US, with the pan-European Stoxx 600 hovered around the flatline in early trade. Fresh data showed that the U.K. economy contracted 9.9% last year, posting its biggest annual fall since modern records began. In the fourth quarter, the U.K.’s GDP rose 1%. Elsewhere, ING Groep and Boliden posted strong fourth-quarter earnings.

Meanwhile, the dollar is regaining some ground amid a further deterioration in risk sentiment. Against this backdrop, the euro is back on the defensive, targeting the 20-DMA that represents the immediate support. GBPUSD is now below 1.3800, correcting lower from long-term highs registered earlier this week. USDJPY has been rising for the third day in a row on Friday. The pair climbed to the 105.00 handle, a decisive break above which would pave the way for further gains in the short term. As the dollar firms, gold prices turned lower, extending the retreat after failed attempts to regain the 20-DMA.

Tags: DOW JONESGBPUSDNasdaqStoxx 600USDJPY
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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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