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investingLive European markets wrap: Dollar sags, stocks hold firm while Ethereum rallies | investingLive

Headlines:

Markets:

  • GBP leads, USD lags on the day
  • European equities higher; S&P 500 futures up 0.2%
  • US 10-year yields down 3.5 bps to 4.257%
  • Gold up 0.4% to $3,359.15
  • WTI crude down 0.7% to $62.72
  • Bitcoin up 0.4% to $120,663

The session started off with a quiet mood but there were some modest moves by the end of it, with the dollar slipping further across the board as the post-CPI fallout continues.

Major currencies were stuck in a narrow range in Asia trading but that changed up once European markets opened with the dollar seeing a second wave of selling after yesterday’s moves.

EUR/USD is up 0.3% to 1.1713 from around 1.1680 earlier, while GBP/USD is pushing gains of 0.6% in a move to 1.3570 currently. USD/JPY briefly recovered to 148.00 in Asia trading but is now down 0.2% again to 147.50 on the day.

Besides that, USD/CAD is marginally lower by 0.1% to 1.3756 while AUD/USD is up 0.4% to 0.6550 at the moment.

It’s all a follow through to the US CPI report yesterday, which seems to indicate that the tariffs passthrough on inflation isn’t accelerating.

In the equities space, US futures were more muted earlier on but are quietly creeping higher now. S&P 500 futures are up 0.2% as Wall Street will look for fresh record highs once again later in the day. European indices are also posting solid gains, now nearly completing the reversal of the drop seen during 28 July and 1 August.

In the bond market, Treasury yields are weighed down with 10-year yields slipping back to around 4.25%. And in the commodities space, we are seeing gold nudge back a little higher to $3,359 while silver is climbing to fresh highs in nearly three weeks, up 1.6% to $38.50 currently.

But one of the big movers today is in the crypto space, with Ethereum extending gains on the week to over 10% now as it climbs to nearly $4,700. The high earlier briefly clipped the figure level, with price now scaling at the highest since the end of 2021. Party on.