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Crude oil dips on this headline, USD dips
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US500 (SP500) UPDATE
- Test is on to see if history repeats where US stock market retracements are followed by rebounds to new highs.
- So far, all US500 has done is fill the opening week gap.
- To put the 6997 record high at risk, 6969-80 would need to be broken.
- On the downside, expect support while above 6870-90, stronger if upper end becomes support.
US500 4 HOUR CHART
EURGBP UPDATE
- EURGBP catching a bid as UK internal political issues may be weighing on the GBP.
- This has seen a tug-of-war supporting EURUSD while GBPUSD lags/diverges.
- Key level is .8745, Wed’s high.
- Needs to hold .8720 to keep a bid
- Note recent price action shows fickle order driven moves in this cross
EURGBP 1 HOUR CHART
Little reaction to data: Weekly jobless claims beat (lower claims). 3QGDP final revisions also out but old news
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Newsquawk US Pre-Market Movers
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<p style=”text-align: center;”>Source: Try Newsquawk free for 7 days</p>Is a ceasfire or peace deal possible?
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Newsquawk Daily US Opening News
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USDJPY UPDATE
- Closest to retracing opening week losses with a test of 158.89 (double top) , the obstacle to the 159.45 high.
- Market, meanwhile, is following the path of least resistance selling JPY on various crosses, most notably vs. a stronger AUD, which makes it harder for the BoJ resist JPY weakness.
- In any case, keeps a while above 158 with upside contained while 158.89 holds.
USDJPY 4 HOUR CHART
XAUUSD (GOLD) UPDATE
Is it time for a pause?
- $4800, clearly pivotal, will be the key  in dictating the trading tone going forward (bid above, less bid below).,
- Meanwhile, XAUUSD is showing resilience in the face of easing global trade tensions as it consolidates below its 4888 record high
- Range 4755-4853 with key levels at 4747 and 4888 outside of it.
- As the chart shows, Â there are multiple support/.resistance levels within the range.
XAUUSDÂ 1 HOUR CHART
Forex Market Snapshot
While the Sell America Trade Episode has proved to be a brief one the jury is out whether there is residual damage that would impact a buy America trade. Logic says the USD should retrace its opening week losses on the Sell America Trade but so far there seems to be a reluctance to do so.
The dollar is trading mostly lower except vs a weaker JPY as the market sorts out the winners and losers from easing global trade tensions after a potential crisis over Greenland has been apparently diffused.
- The AUD is outperforming and the JPY underperforming as they move in opposite directions vs the dollar. CHF and NZD are also outperforming while others are lagging.
- Stock markets continue to breathe a sigh of relief and have extended recoveries after a potential US-EU trade conflict was averted.
- XAUUSD is showing some resilience by trading back above $4800 without the need for a safe haven bid but just consolidating below Wednesday’s new record hiogh.
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Trump: Have formed a framework of a deal on Greenland
Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region. This solution, if consummated, will be a great one for the United States of America, and all NATO Nations. Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st. Additional discussions are being held concerning The Golden Dome as it pertains to Greenland. Further information will be made available as discussions progress. Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and various others, as needed, will be responsible for the negotiations – They will report directly to me. Thank you for your attention to this matter!
DONALD J. TRUMP
PRESIDENT OF THE UNITED STATES OF AMERICA(Truth Social)
Newsquawk US Market Wrap 2
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Newsquawk US Market Wrap 1
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NAS100 (NASDAQ) UPDATE
- Outside day (24880-25505) indicates low likely in and with gap filled, onus is now on the bull side to get above 25505 to shift the focus to the 25725-25875 resistance zone.
- In any case we will see if history repeats where stock market retracements are followed by new highs.
- If not NAS100 will maintains bid while above 25000.
NAS100 4 HOUR CHART
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