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Stocks trim losses, gold retreats from fresh highs as sentiment improves

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    Risk demand reemerges cautiously, but caution remains in place

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    Investor sentiment improves, but gains limited

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    Risk demand reemerges cautiously, but caution remains in place

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    Investor sentiment improves, but gains limited

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    Stocks celebrate US inflation, dollar slumps

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Home » Stocks trim losses, gold retreats from fresh highs as sentiment improves

Stocks trim losses, gold retreats from fresh highs as sentiment improves

by Stephen Soo
February 21, 2022 09:35
in Fundamental analysis
0
Stocks trim losses, gold retreats from fresh highs as sentiment improves

Risk trends bounce ahead of a summit between US President Joe Biden and Russian counterpart Vladimir Putin

US stocks fell on Friday as the Russia-Ukraine conflict continues to push risky assets lower across the board. The Dow Jones Industrial Average shed 0.7%, the S&P 500 lost 0.7%, and the Nasdaq Composite retreated 1.2%. The benchmarks each lost more than 1% last week.

On Monday, however, US equity futures turned higher, while Asian stocks trimmed intraday losses on a report that a proposal for a summit between US President Joe Biden and Russian counterpart Vladimir Putin has been accepted by both sides. As such, China’s Shanghai Composite and South Korean Kospi finished just below the opening levels. Meanwhile, Japan’s Nikkei 225 fell 0.78% after the data showed that the country’s manufacturing PMI dropped from 55.4 to 52.9 in February, below the expectation of 55.0.

Meanwhile, the dollar came back under selling pressure after another failed attempt to overcome the 96.00 figure earlier in the day. As risk sentiment had improved, the safe-haven demand for the greenback abated, pushing the euro towards the 1.1400 figure that has been capping further gains so far. Later in the day, PMI data could affect short-term dynamics in the EURUSD pair, but in a broader picture, geopolitics will continue to set the tone anyway.

Elsewhere, gold prices climbed to late-May highs around $1,908 earlier in the day before retreating below the $1,900 figure in recent trading as risk sentiment has improved. Despite some profit-taking, the precious metal could regain the upside momentum to notch fresh multi-month tops in the short term, as geopolitics will likely continue to support demand for the bullion. At this stage, the XAUUSD pair needs to hold above the $1,885 region in order to stay afloat and refrain from a deeper bearish correction. 

Tags: EURUSDGoldUSVladimir PutinXAUUSD
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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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