市场资讯及洞察

USD was offered in Tuesdays session, with the US Dollar Index (DXY) printing a low of 102.060 ahead of the last major economic release for the year in Fridays Core PCE reading. Hawkish leaning comments from the Feds Bostic that he only sees two Fed rate cuts in 2024, less than the Fed median of three and well under the market pricing of six, failing to lend much support to the greenback. JPY was the obvious FX underperformer, seeing USDJPY hit a high of 144.95, just failing to breach the psychological 145.00 level before retracing somewhat.

JPY took a hit on the BoJ meeting where the central bank stood pat and unanimously left its rates and YCC unchanged. There was some pricing in on this pair of a hawkish surprise from the BoJ which didn’t materialise. AUD and NZD were the G10 outperformers.

AUDUSD benefitting from improved risk sentiment and the December RBA Minutes which suggested the Board considered whether to hike by 25bps or keep rates steady, NZDUSD caught a tailwind from upbeat NZ trade data. CAD strengthened on the hotter-than-expected inflation data, where the year on year figure came in at 3.4% a beat of the expected 3.3%. CAD also receiving support from a rally in crude oil prices on the back of Red Sea tensions affecting oil transportation.

USDCAD dropping to 5-month lows and seeing the daily RSI move into extreme oversold territory.

The US Dollar has continued its year end decline after the holiday break in thin volume. Traders still holding onto the view of a dovish Fed come 2024 seeing yields also drop creating a headwind for the Greenback. AUDUSD The Aussie pushed has pushed higher this week, taking advantage of a weak USD and a risk on environment.

AUDUSD breaking the resistance and key psychological level of 0.68 in Tuesday’s session and entering the Resistance zone from 0.6800 -0.6900 where rallies have faltered previously in 2023. The AU 10 and US 10 yield differential has also found some resistance at its current level and could temper further gains in this pair, AUDUSD looking like it has got a little ahead of itself at these levels. XAUUSD Gold also continued to grind higher in thin holiday volume, a weak USD and falling yields making the non-yielding asset look more attractive to speculators.

XAUUSD trading at the key level of 2070 USD an ounce that gold traders should be keeping a close eye on. The last time XAUUSD broke this level was December 4 when a surge in price saw gold hit all-time highs. Currently XAUUSD has found resistance here and attempts to breach have been rejected, a push through could see another run to re-test those highs, a hold of the resistance and a leg lower in XAUUSD looks likely.

FX markets enter the new year with a continuing backdrop of a weaker USD as traders bet on a Fed pivot in the first half of the year. That narrative could be tested later in the week with some key US manufacturing and employment data, including the monthly Non-farm payrolls. Key levels look to be tested this week in different FX pairs with AUDUSD and Gold both being interesting examples.

AUDUSD – Gone too far, too fast? AUSUSD has had a stellar run since late October, benefitting from the risk-on environment and following equity markets higher. A weaker USD and falling US yields as traders’ position for a Fed pivot also being a strong tailwind.

AUDUSD is now sitting in the 2023 “resistance zone” where upward momentum has faltered previously. Also of note is an extreme overbought signal from the daily RSI and a growing gap between the AUDUSD price and the AU 10-year - US 10-year yield differential. Combined, these three factors could see AUDUSD upside capped for now, this week’s Non-Farm payroll will be the main figure to watch, a strong report could see traders pare back somewhat on their Fed pivot bets, pushing this pair lower.

XAUUSD – Gold XAUUSD broke the resistance level at 2070 USD an ounce, but the bulls were unable to establish it as support and the gold price quickly retraced back below. Currently XAUSD is again flirting with this key level, where the bulls and the bears have been fighting it out. 2070 remains the level to watch this week, with US data that could certainly move yields and the USD, another push through and a hold as support could see gold make another attempt at all-time highs, a hold as resistance and the gold bull run could be over for now.

American company that specializes in the manufacturing and sale of workwear and uniforms, Cintas Corporation (NASDAQ: CTAS), announced the latest financial results before the opening bell in Wall Street on Thursday. Cintas reported revenue of $2.377 billion for the second quarter of fiscal 2024 vs. $2.341 billion expected. Revenue was up by 9.3% year-over-year.

Earnings per share (EPS) reached $3.61 per share, also topping analyst estimate of $3.489 per share. EPS was up by 15.7% vs. the same period last year. Company overview Founded: 1929 Headquarters: Mason, Ohio, United States Number of employees: 44,500 (2023) Industry: Service Key people: Todd Schneider (CEO), Scott D.

Farmer (Executive Chairman), Mike Thompson (Executive Vice President and CAO) CEO commentary "We are pleased with our second quarter fiscal 2024 financial results. Each of our operating segments continue to execute at a high level, leading to robust revenue growth of 9.3%, high operating margin of 21.0% and diluted EPS growth of 15.7%. This strong execution is the result of the exceptional dedication of our employee-partners.

Whether it's image, safety, cleanliness or compliance, we have innovative products and services to help businesses across North America stay focused on the work that matters most," CEO of Cintas, Todd Schneider, said in a letter to shareholders. Schneider also announced that the company is raising its financial guidance for the full fiscal year: "We are increasing our full fiscal year financial guidance. We are raising our annual revenue expectations from a range of $9.40 billion to $9.52 billion to a range of $9.48 billion to $9.56 billion and our diluted EPS from a range of $14.00 to $14.45 to a range of $14.35 to $14.65." Stock reaction The latest results had a very positive impact on the stock price on Thursday.

Shares were up by over 4%, trading at $580.77 a share – the highest ever level. Stock performance 1 month: +5.48% 3 months: +16.02% Year-to-date: +29.58% 1 year: +29.33% Cintas stock price targets Deutsche Bank: $590 Truist Financial: $625 Citigroup: $530 Robert W. Baird: $540 Bank of America: $565 Stifel Nicolaus: $526 Royal Bank of Canada: $525 Barclays: $550 Wells Fargo: $500 UBS Group: $575 JP Morgan: $540 Morgan Stanley: $441 Cintas Corporation is the 288th largest company in the world with a market cap of $59.75 billion.

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British-American cruise line company, Carnival Corporation (NYSE: CCL), reported fourth quarter and full year 2023 earnings results on Wednesday. Carnival reported revenue of $5.397 billion Q4 (a new quarterly record) vs. $5.295 billion expected. The company reported loss per share of -$0.07, which was less than -$0.126 loss per share expected.

Full year revenue reached $21.6 billion – a new all-time record high. Company overview Founded: 1972 (as Carnival Cruise Line, now a subsidiary), 1993 (as Carnival Corporation), 2003 (as Carnival Corporation & plc) Headquarters: Miami, Florida, United States (Operations: Doral, Florida) and Southampton, United Kingdom Number of employees: 150,000 (2022) Industry: Hospitality, tourism Key people: Josh Weinstein (CEO) CEO commentary "We ended the year on a high note with another record-breaking quarter that exceeded expectations and achieved positive full year adjusted net income. In fact, we consistently outperformed in all four quarters of the year, buoyed by a strengthening demand environment across all our brands," Josh Weinstein, CEO of the company commented on the solid results in a press release. "Thanks to a strong second half of 2023, we are already tracking ahead of our plan to achieve SEA Change, our three-year financial targets calling for the highest adjusted ROIC and adjusted EBITDA per ALBD in nearly two decades.

Based on our 2024 guidance, we expect to deliver another big step forward, positioning us more than halfway toward realizing all our 2026 SEA Change targets. With nearly two-thirds of 2024 on the books already, we are well positioned to obtain another year of record revenues and adjusted EBITDA," Weinstein added. Stock reaction The stock rose by over 5% on Thursday, reaching its highest level since 10/7/23 at $19.09 a share.

Stock performance 1 month: +32% 3 months: +32.18% Year-to-date: +136.97% 1 year: +142.39% Carnival stock price targets Citigroup: $23 Truist Financial: $15 UBS Group: $20 Morgan Stanley: $11 Barclays: $21 Argus: $21 JP Morgan: $18 Deutsche Bank: $15 Bank of America: $20 Wells Fargo: $9 Credit Suisse: $18 Carnival Corporation is the 743rd largest company in the world with a market cap of $25.02 billion. You can trade Carnival Corporation and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD. GO Markets now offers pre-market and after-market trading on popular US Share CFDs.

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Irish-American professional services company, Accenture plc (NYSE: ACN), announced Q1 FY24 financial results before the opening bell in the US on Tuesday. The company reported revenue of $16.224 billion for the three months that ended on 30/11/23, which was narrowly above analyst estimate of $16.169 billion. Earnings per share (EPS) reached $3.27 per share vs. $3.144 per share expected.

Revenue and EPS for the quarter were up by 3% and 6.1% year-over-year, respectively. Company overview Founded: 1989 Headquarters: Dublin, Ireland Number of employees: 733,000 (2023) Industry: Professional services, information technology consulting Key people: Julie Sweet (Chair and CEO) CEO commentary 'I am pleased that we delivered on our commitments this quarter while strategically investing at scale for future growth. Our deep and trusted client relationships are again reflected in the 30 clients with quarterly bookings of more than $100 million.

And we continue to lead our industry in Gen AI – the great accelerator of reinvention – with over $450 million in new bookings. I am incredibly grateful to the 743,000 people of Accenture, who are steadfastly dedicated to helping our clients achieve their ambition to grow and thrive in the years ahead,' CEO of the Dublin based company, Julie Sweet, said in a letter to shareholders. Stock reaction The stock was pretty much flat on Tuesday after the latest results were announced.

Shares were down by 0.10%, trading at $341.52 a share. Stock performance 1 month: +3.33% 3 months: +7.54% Year-to-date: +27.88% 1 year: +30.30% Accenture stock price targets Wedbush: $360 Redburn Atlantic: $410 UBS Group: $333 Robert W. Baird: $322 TD Cowen: $300 Piper Sandler: $300 BMO Capital Markets: $350 Royal Bank of Canada: $340 Citigroup: $358 Morgan Stanley: $356 Barclays: $390 JP Morgan: $341 Accenture plc is the 47th largest company in the world with a market cap of $213.99 billion.

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