Daily summary: US500 gains over 1.00% and Bitcoin tests $68,000 USD

Thursday's session was favorable for Wall Street investors. U.S. indices gained over 1.00% and are approaching historical highs again.

The US100 is trading over 1.70% higher around 18350 points, and the US500 gains 1.10% to 5170 points.

ECB interest rates remained unchanged, as expected by investors. The deposit rate remains at 4%.

The latest ECB forecasts indicate lower inflation in 2024 and 2025:

• Inflation at 2.3% in 2024, 2.0% in 2025, and 1.9% in 2026.
• Core inflation at 2.6% in 2024, 2.1% in 2025, and 2.0% in 2026.
• GDP growth revision for 2024 to 0.6%, with 1.5% growth in 2025 and 1.6% in 2026.

Following the ECB conference, market expectations increased for interest rate cuts to 100 basis points in 2024.

Jobless Claims show a still strong labor market, but labor costs indicate less wage pressure. Productivity remains high. A very large trade deficit for January:

• Initial jobless claims: 217,000 (forecast 216,000; previously 215,000).
• Labor costs: 0.4% (expected: 0.7%; previously: 0.5%) - final reading for Q4.

The USDJPY pair drops to the 148.00 area - the lowest level in a month.

The decline in gas inventories roughly meets expectations at -40 bcf, with a forecast of -37 bcf. Previously it was 96 bcf. Weather in the USA remains very favorable, and in the early days of March, gas consumption was lower than supply.

Cryptocurrencies record another good day, with Bitcoin again testing resistance around $68,000 USD.