Market Updates at a Glance 01/8/22 (Monday)

☛U.S Stocks Fueled by Risk-On Move. Nasdaq in Best Gain since April 2020.

➤U.S. stocks rallied for a third straight session after investors digested strong earnings and shrugged off high inflation and recession risk. Dow +0.97%, S&P +1.42% & Nasdaq +1.88%.
☛On the technical front for U.S stocks, beware of the potential headwind as the major averages are now trading near the 100-day Moving average.

➤The US dollar index extended its slide and closed lower in the second consecutive week to 105.82 (-0.64%) as US stocks headed the best month since 2020 amid the risk-on environment. The 10-year treasury yield retreated to 2.65%.

➤GBP and EUR were higher with the second weekly gains against the greenback as the USD weakened across the board. GBP climbed to 1.2184 (+1.46%), while EUR eked out a small weekly gain to 1.0225 (+0.11%). Bank of England may hike by 50 basis points on Thursday from its current level of 1.25%.

➤USDJPY continued the losses with the pair falling for a second straight week to 133.23 (-2.12%) on softer US economic data.

➤Oil (Brent) pulled back on Friday to $103.64 (-3.54%) with attention turned to this week's OPEC meeting and demand concerns after digested weaker-than-expected manufacturing data from China.

➤Gold bounced with a second weekly gain to $1766 (+2.24%). The lower treasury yield is likely to bolster the rate-sensitive precious metal in the near term.

➤Cryptocurrencies posted another weekly gain with BTC edged higher to $23,300. ETH $1676 while XRP $0.3791. Ethereum gained nearly 60% in July.

☛Like & follow so you won't miss any market updates ☟
https://lnkd.in/d38iHCkV
https://lnkd.in/enTgEqYB

☛Join Channel in Telegram for Free market updates:
Market Updates at a Glance
https://lnkd.in/eFV9i3N3