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US stocks decline as weak JOLTS data and Dimon comments spook investors
US equities snapped a 4-day winning streak as the “bad news is good news” narrative for equities faltered in Tuesdays session. Before the cash session the JOLTS job openings figure was released and came in much lower than expected, this is a key gauge of US labour market tightness that the Fed has referenced throughout its aggressive interes...
April 5, 2023
Read More > US stocks mixed in choppy session amid an OPEC+ surprise and weak manufacturing data
Markets on Monday opened to the news of a surprise OPEC+ Oil output cut seeing WTI oil gap open over 5% that along with weak manufacturing figures out of the US saw a whipsawing session in equities, the Dow did finish strongly though, up over 300 points, dramatically outperforming the Nasdaq by the most since October last year, the tech heavy index...
April 4, 2023
Read More > Market Analysis 3-7 April 2023
XAUUSD Analysis 3 – 7 April 2023 The gold price trend can be viewed both positively and negatively in the short and medium term. As the closing of the Doji bar and last week's sell pressure bar indicate market hesitation. Although the previous week, gold has had strong buying momentum and has continued since the beginning of March. But ...
April 4, 2023
Read More > The Week Ahead – RBA and RBNZ rate decisions , US employment
US Stocks finished Q1 with a bang as Wall st wrapped up a volatile, and event filled quarter with Federal Reserve rate tightening, a banking sector panic spurred on by the collapse of Silicon Valley Bank and Credit Suisse. The S&P 500 and Nasdaq were up 7.03% and 16.77%, respectively, for the first quarter. It was the best quarter since 2020...
April 3, 2023
Read More > USDJPY loses ground with Risk-On sentiment
The overall risk appetite in the market has increased this week following the news that the banking sector’s issues appear to have been resolved. As a result, the Japanese Yen’s status as a safe haven currency may have been hurt in this risk-on market environment. Paired with the renewed recovery in strength in the DXY, this has led to the U...
March 31, 2023
Read More > AUDUSD ahead of the RBA Cash Rate decision
This week, the Australian Consumer Price Index (CPI) y/y data was released at 6.8% (Forecast: 7.2% Previous: 7.4%) which signals a slowdown in inflation growth. In addition, the consecutive release of lower-than-expected CPI data highlights the possibility of a new trend of decreasing inflation for the Australian economy. With the view that infl...
March 31, 2023
Read More > US Stocks Rally on Economic Data and End of Quarter Flows Ahead of PCE Reading
US stocks rose again in Thursdays session on a mixture of “bad news is good news” and end of quarter flows as fund managers did some window dressing on their portfolios. The bad news was a rise in unemployment claims to 198k for the week, and a US GDP figure that came in below expectation at 2.6%. We also had a couple of Fed speakers that cause...
March 31, 2023
Read More > US Markets Rise Ahead of GDP, Tech Outperforms, USD higher on JPY dip
US Stocks were firmer on Wednesday, with a reversal of yesterday’s session with Tech leading the charge higher the recent rise in bond yields lost some momentum , the Nasdaq 100 was up over 200 points and has now entered a technical bull market, rising 20% from its December low, while the S&P500 closed above its 50dma for the first time since...
March 30, 2023
Read More > Lululemon tops estimates – the stock is rising
Lululemon athletica inc. (NASDAQ: LULU) announced Q4 and full-year earnings results on Wednesday. World’s second largest sporting goods company reported revenue of $2.772 billion for the quarter (up by 30% year-over-year or 33% on a constant currency basis) vs. $2.701 billion estimate. Earnings per share (EPS) also topped analyst expectatio...
March 30, 2023
Read More > US Stocks lower in quiet US Session, Tech Underperforms on Higher Yields, Gold Finds Support
US stocks declined modestly in a fairly quiet session with most of the downside coming from Tech stocks whose future valuation become less attractive as bond yields rose, with the Nasdaq finishing down almost 0.5% while the Dow and S&P 500 were almost unchanged. The only real news out overnight was US consumer confidence which rose to 104 fr...
March 29, 2023
Read More > Walgreens Boots Alliance beats Wall Street estimates
Walgreens Boots Alliance Inc. (NASDAQ: WBA) announced the latest financial results before the market open in the US on Tuesday. The company beat both revenue and earnings per share (EPS) estimates. Walgreens reported revenue of $34.862 billion for the quarter ending February 28, 2023 (up by 3.3% year-over-year) vs. $33.528 billion expected. ...
March 29, 2023
Read More > NZDUSD forms a bullish divergence
As the banking crisis subside slightly with the news of First Citizens bank’s acquisition of Silicon Valley Bank (SVB), the DXY has reversed from the 103.50 price area, resuming the previous downtrend and currently trades at 102.60. This move lower on the DXY has resulted in the major currencies reversing on the lost ground to gain briefly agains...
March 28, 2023
Read More > BioNTech tops Q4 expectations
BioNTech SE (NASDAQ: BNTX) reported Q4 2022 financial results on Monday. The German pharmaceutical company reported revenue of $4.563 billion for the quarter, topping analyst estimate of $3.897 billion. Earnings per share (EPS) also beat analyst estimates at $9.876 per share vs. $8.296 EPS expected. CEO commentary ''We made significant ...
March 28, 2023
Read More > Gold at the $2000 level
Gold had been trading strongly to the upside since the beginning of March, rising from the 1810 price area to reach the 2000 price area which was last tested in April 2022. However, after reaching the resistance area, Gold retraced lower to test the 1937.50 support area which coincides with the 38.2% Fibonacci retracement level and the bullish tren...
March 27, 2023
Read More > The DXY post-FOMC Decision
On Thursday last week, the US Federal Reserve met general market expectations by hiking rates by 25bps, taking interest rates in the US to 5.00%. While there was some speculation over a possible slowdown in the rate hikes due to the banking crisis, the decision by the Federal Open Market Committee (FOMC) to hike rates for the ninth consecutive time...
March 27, 2023
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