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Feb 26, 2021 22:42 GMTFXStreet News
Tech stocks saw a modest recovery on Friday as long-term bond yields dropped sharply.
The rest of the stock market remained under pressure, however.
Focus next week will be on key US data releases, fiscal stimulus headlines and more remarks from Powell.
US tech stocks saw a modest recovery on Friday, with the Nasdaq 100 finishing the session with gains of about 0.63%. Big Tech names Apple (+2.55%), Amazon (+1.86%), Facebook (+3.3%), Microsoft (+2.64%), Alphabet (+1.11%) and semiconductors stocks (SOX index +2.28%) all gained as long-term US bond yields plummeted in a sharp retracement of recent moves. Still, despite the modest Friday recovery, the Nasdaq 100 still had its worst month since October 2020, dropping 0.1% since the end of January and roughly 7% from February’s highs (set at the beginning of last week).
2/26/2021 10:27:05 AM GMT | By FXStreet Team
USD/JPY hit 106.42, a fresh 2021 high, as bulls maintain the pressure. The pair has the 107.00 level in its sights, as FXStreet’s Chief Analyst Valeria Bednarik notes.
Key quotes
“Japan published February Tokyo inflation data, with the headline figure printing at -0.3% YoY, as expected. The core reading, which excludes fresh food prices, also printed at -0.3% YoY. Industrial Production was up 4.2% MoM in January but contracted 5.3% compared to a year earlier.”
“The US will publish January Personal Income and Personal Spending and the final estimate of the February Michigan Consumer Sentiment Index, foreseen at 76.5.”
2/25/2021 7:41:53 PM GMT
EUR/USD Current Price: 1.2190
The US Q4 Gross Domestic Product was upwardly revised to 4.1%, as expected.
US Treasury yields’ rally spurred demand for high-yielding assets.
EUR/USD retreats from fresh 2021 highs, holds above critical Fibonacci level.
The EUR/USD pair peaked at 1.2242, its highest since early January, finally breaching the 1.2170/80 resistance area. The pair rallied on the back of risk-appetite which dominated financial markets throughout the first half of the day but faded after US investors reached their desks. European indexes closed mixed, while US ones edged lower, erasing pre-opening gains. Meanwhile, US Treasury yields extended their rallies to fresh one-year highs, boosted by encouraging US data.
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