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Fundamental Analysis
Main US indexes pulled back despite strong jobs report
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[QUOTE="IFC Markets, post: 176661, member: 18359"] [SIZE=6][B]Dollar strengthening intact[/B][/SIZE] [B]US stock market [/B] pulled back despite stronger than expected January jobs report. The S&P 500 lost 0.5% to 3327.71, rebounding 3.2% for the week. [I] Dow Jones [/I] industrial dropped 0.9% to 29102.51. The [I] Nasdaq [/I] slid 0.5% to 9520.51. The dollar strengthening continued as the US economy added above expected 225,000 new jobs in January. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.2% to 98.68 and is higher currently. Futures on stock indexes point to mixed openings today. [IMG alt="SP500 rallies above MA(200) 2/10/2020 Market Overview IFC Markets chart"]https://www.ifcmarkets.com/uploads/image/SP500_10February2020.jpg[/IMG] [SIZE=6][B]FTSE 100 led European stock indexes retreat[/B][/SIZE] [B] European stocks [/B] ended lower on Friday on mixed report. Both [I] GBP/USD [/I] and [I] EUR/USD [/I] continued their declines on Friday with euro turning higher currently while Pound lower still. The Stoxx Europe 600 Index lost 0.26% led by mining shares. The [I] DAX 30 [/I] slid 0.45% to 13513.81 Friday as data showed German industrial output registered its biggest drop in more than a decade in December. France’s [I] CAC 40 [/I] slipped 0.1% and UK’s FTSE 100 slumped 0.5% to 7466.70. [SIZE=6][B]Nikkei leads Asian indexes retreat[/B][/SIZE] [B]Asian stock indices[/B] are mostly down today. [I] Nikkei [/I] fell 0.6% to 23685.98 despite resumed yen slide against the dollar. China’s markets are mixed as authorities promised tax cuts and subsidies to farmers, makers of medical supplies and other companies: the [I] Shanghai Composite Index [/I] is up 0.5% while Hong Kong’s [I] Hang Seng [/I] Index is down 0.3%. Australia’s All Ordinaries Index slipped 0.1% with Australian dollar climb against the greenback resuming. [SIZE=6][B]A Brent down[/B][/SIZE] [B]Brent futures prices [/B] slide continues today. Prices fell on Friday: Brent for April settlement fell 0.7% to $54.47 a barrel Friday. [SIZE=6][B]Gold up[/B][/SIZE] [B] Gold [/B] prices are extending gains today. April gold gained $4.3 to $1574.30 on Friday. [/QUOTE]
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