STOCKS

United States stock markets were closed on Monday in honor of Presidents Day before finishing lower the next day. On Thursday, however, another rally in tech pushed the broader US market higher, with indexes surging to fresh record highs. The S&P 500 had its best day in over year, adding 2.1%, the Nasdaq Composite surged nearly 3% to settle within striking distance of its all-time closing high. The Dow Jones climbed 1.2% to close above 39,000 for the first time in history. In individual stocks, shares of Nvidia rallied more than 16% to new all-time highs after the chip giant reported stronger-than-expected quarterly results. The company said total revenue rose 265% from a year ago. The firm also forecast another stellar revenue gain for the current quarter. Inspired by Nvidia-led rally on Wall Street, Asian and European stocks were mostly higher ahead of the weekend.

CURRENCIES

The US dollar was mostly lower during the week. The buck licks its wounds just below the 104.00 figure on Friday after yesterday’s brief dip to three-week lows around 103.43. The USD index was pressured by positive risk sentiment, but managed to attract renewed demand and thus recouped losses. On the weekly harts, however, the greenback turned negative after seven weeks of gains in a row. Now, the dollar needs to regain the 104.00 figure on a daily and weekly closing basis to stay afloat and resume the ascent after a short-lived pullback. The overall trend remains bullish as Fed rate cut expectations continue to wane amid strong economic data. The technical picture looks neutral at this stage after last week’s rejection from mid-November highs seen just below the 105.00 handle last week. The 104.00 mark remains in the market focus, with upside risks limited while below this zone. In a wider picture, the bullish trend remains intact and would persist as long as the Fed stays hawkish on interest rates.

OIL

Oil prices refreshed February highs on thursday before retreating ahead of the weekend. Brent crude extended the ascent to the $84 handle that capped the rally and triggered some profit-taking ahead of the weekend. In the process, oil futures fell back below $83 a barrel to turn negative on the weekly charts after two weeks of gains in a row. The recent rally in the oil market was due to a combination of persistent uncertainty over the geopolitical outlook in the Middle East and signs of a tightening global market amid the weather-related disruptions. Also on the positive side, compliance with OPEC+ production cuts has increased with exports falling to the lowest level since August this month. Meanwhile, the US commercial crude stockpiles rose by 3.5 million barrels last week, according to the EIA. The figure came in slightly under expectations and well below estimates from the API. In the near term, Brent crude needs to hold above the $82 figure in order to stay afloat and refrain from a deeper retreat towards the $80 psychological level.

GOLD

Gold tried to attract demand earlier in the week but failed to extend the ascent to turn slightly negative. The bullion saw a brief spike towards nearly two-week highs seen around $2,045. Despite the latest bounce, gold prices remain vulnerable, with downside potential persisting at this stage, albeit the bearish pressure has abated significantly over the last days. After a jump to the mentioned highs, the pair failed to retain the recovery momentum, with the immediate outlook neutral. Following peaking around $2,045, the bullion has settled around the $2,030 zone on Friday, deciding on further direction. As such, the technical picture has deteriorated somehow, but upside risks persist while above $2,000. On the weekly timeframes, the technical picture turned mixed, with wider picture staying neutral after reaching fresh all-time highs in December. On the upside, the immediate significant target is now represented by the $2,045 zone.

CRYPTO

Bitcoin keeps retreating gradually these days. Earlier this week, the price of the digital coin briefly climbed to fresh late-2021 highs just below the $53,000 figure before retreating partially amid local profit-taking. The largest cryptocurrency by market capitalization has settled below the $52,000 handle on Friday, struggling to attract renewed demand after a bounce from weekly lows registered around $50,600. This region capped the decline last week as well, suggesting there is solid buying interest here. On the weekly timeframes, the BTCUSD pair looks slightly negative at this stage, struggling for direction after four bullish weeks in a row, having soared from under $40,000 to over $50,000 due to as the recently approved spot bitcoin ETFs in the United States. It looks like the digital currency could stay bullish in the coming weeks as investors await the impending bitcoin halving due in April. The event halves the new supply of bitcoins entering the market each day, suggesting that the value of the cryptocurrency will soar with demand.