In cryptocurrencies, bitcoin has now retraced all its losses since FTX filed for bankruptcy on November 11.
Australian shares will target an eight-month high on Monday and an eighth gain in nine trading sessions as the equity market buoyancy spilt over into cryptocurrency markets on the weekend.
Sharemarket futures point to a 0.48 per cent gain at Monday’s opening bell to leave the market poised to top a six-week high and a previous closing high of 7364.7 points on May 5.P/500 and Nasdaq indices posted their best weekly returns since November, after data last Thursday showed US inflation cooled to 6.5 per cent over December.
Gold prices also extended advances since the new year to close at US$1923.35 an ounce and just shy of a 52-week high of $US1935.50 set on April 25. Benchmark US oil futures added 2.1 per cent to close at $US80.07 a barrel.Other base and precious metals such as copper and silver gained as the US Dollar Index eased to 102.18 points, down 11 per cent since a September high. A weaker US dollar boosts the value of commodities priced in the world’s primary reserve currency.
Investment bank Barclays believes the Fed will deliver three more 25 basis point increases in February, March, and May before pausing its cash rate between 5 per cent and 5.25 per cent.“Consumers are feeling pessimistic about their own financial positions and the broader economy,” said CBA. “The January figure may show some improvement, though the level will remain deeply negative with high inflation, falling home prices, and rising interest rates the main concerns.
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