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The S&P 500 Rallies on Wednesday and Into Thursday; Gold Rises Again as CPI Comes Out as Expected; Crude Oil Remains Volatile in General, with the Americans and Iranians Nowhere Close to Agreement; UK GDP On Tap Thursday; EUR/USD Hovers Near Important Level as PPI in Focus; Massive Buying of Ripple Seen as Market Crumbles
The S&P 500 rose on Wednesday, and it is trying to continue that in after-hours trading on Thursday morning, as traders are starting to focus on AI again, and the earnings season has been decent.
Gold traders continue to push the metal higher, as interest rates are starting to drift lower in the US. The CPI numbers that came out on Wednesday were exactly in line, and this allows traders to put to bed the idea of several rate hikes from the Federal Reserve, at least from the everyday inflation side. However, if the situation in the Middle East doesn’t improve, energy inflation could be an issue, as has been the story for some time now.
Speaking of the Middle East, Trump sent out a message on Wednesday evening in the US that the “US controls the Strait and might just keep it.” This could continue to make the Crude Oil market volatile, and with the apparent impasse that the Americans and Iranians are in, it seems likely that there is no solution soon. Pakistani officials have stated that there is “virtually no progress in the peace talks” between the combatants.
The UK releases GDP early on Thursday and is expected to be 0.0%. This could be a mover of the GBP/USD pair, which has been grinding higher overall.
The EUR/USD pair continues to hover just below the crucial 200 Day EMA, as traders aren’t seemingly sure about what to do with the US dollar and the interest rate situation in America. Later on Thursday, the PPI numbers will be the second day in a row of US inflation numbers that can give us a “heads up” on where the Fed might go with monetary policy.
Ripple has seen large holders add more than 380 million XRP in the past to their holdings, while routing 81% of Binance withdrawals into private wallets, signaling long-term conviction. Despite the accumulation, 3 billion XRP is sitting near $1.06 for break-even pricing, while attempts to break above there continue to stall.
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