USD mixed data
The US Dollar (USD) is trading pretty much sideways, not making any big moves, except for the Japanese Yen.
The Greenback there loses nearly 0.70% after the US Jobs report print and is at a one-week low level around 144.90 USD/JPY. But overall the losses are fairly contained and are starting to be paired back in the aftermatch of the Nonfarm Payrolls change.
Traders got a perfect summary of the earlier datapoints seen this week, represented in the Jobs report:
Nonfarm Payrolls change went up 187k, and even beated last month's print as it was revised down from 187k to 157k.
So jobs were added in the month of August. It looks like the job market is thus still holding out very nicely against these elevate drates.
Another hike by the Fed though starts to look doubtfull as the Average Hourly Earnings have dropped from 0.4% to 0.2% month-over-month, pointing to employers having to pay less in order to get staff hired and thus might abate any inflationary pressures.
@opinionmarkets
Gold - Reach Daily Trendline Resistance
Possible bullish level :
TP 1 : 1945.89
TP 2 : 1949.76
Possible bearish level :
TP 1 : 1942.85
TP 2 : 1933.74
Mode : Bullish Consolidation.
Gold TFH1 - Bullish Possible to Resistance level
R1 - 1922.65
R2 - 1924.82
R3 - 1927.38
S1 - 1914.94
S2 - 1910.94
S3 - 1905.00
Gold, XAU/USD, Fed, Treasury Yields, Breakeven Inflation, Real Yields - Talking Points
-The gold price has found firmer footing ahead of the Fed’s meeting this week
-Treasury yields are on the march higher as selling in debt markets continues
-Vigorous US real yields might be ominous. Will they drive XAU/USD under support?
GOLD TECHNICAL ANALYSIS SNAPSHOT
- Price break trendline on TF1H
- Fibo Extension bullish Resistance level at Price 1908
- Support level at 1899 could lead gold price to 1908 for daily trading.
@opinionmarkets
Gold Price Forecast: XAU/USD recovery seeks daily closing above $1,891, Fedspeak eyed
-Gold price clings to recovery gains, as US Dollar shrugs off firmer US Treasury bond yields.
-China’s economic woes, Fed concerns and US banking jitters affect risk sentiment.
-Gold price needs acceptance above the critical daily resistance line at $1,891. Focus on Fedspeak.
US housing data and Fedspeak hold the key
Gold price is looking to build onto its recovery and recapture the $1,900 mark, as the Greenback maintains its corrective mode from two-month highs amid mixed fundamental factors. Risk sentiment remains rather cautiously optimistic in Asia this Thursday, as traders cheer overnight gains in US tech stocks after shares of Nvidia jumped 8.5% ahead of Wednesday’s earnings report, providing supportive ground for local chipmakers.
@opinionmarkets
AMD | Advanced Micro Devices
Chair & CEO exercised options and sold US$2.2m worth of stock
On the 9th of August, Lisa Su exercised options to acquire 20k shares at no cost and sold these for an average price of US$110 per share. This trade did not impact their existing holding.
For the year to December 2016, Lisa's total compensation was 4% salary and 96% other compensation.
This indicates that these sales could comprise a meaningful part of their income for the year.
Since September 2022, Lisa's direct individual holding has increased from 3.53m shares to 3.96m.
Company insiders have collectively sold US$155m more than they bought, via options and on-market transactions in the last 12 months.
🚨 BREAKING: Binance US to delist over 40 trading pairs and OTC trading!🔥🔥
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Filecoin $FIL
The market structure and price action for Filecoin are currently indecisive as the price is stuck in a consolidation zone.
Buyers are stepping into the market, and the price has been bullish for three consecutive days.
It should be seen if the price would escape the consolidation phase in days to come.
Technical levels
Major support:
$4.30 and $3.70
Major resistance:
$4.63 and $5.22
@thefakhirin
The 10 Best Stocks to Buy in May 2023
Etsy (ETSY -0.81%), $12 billion
Pinterest (PINS 2.06%), $18 billion
Block (SQ -0.51%), $36 billion
Realty Income (O 0.38%), $41 billion
Shopify (SHOP 2.69%), $59 billion
MercadoLibre (MELI 2.59%), $63 billion
Intuitive Surgical (ISRG 1.03%), $103 billion
Walt Disney (DIS 0.17%), $176 billion
Berkshire Hathaway (BRK.A 0.55%)(BRK.B 0.49%), $715 billion
Amazon (AMZN 4.44%), $1.08 trillion
(Market caps as of April 28, 2023, rounded to the nearest billion.)
@thefakhirin
THIS WEEKS WATCHLIST
Bullish
$PG (Procter & Gamble Co) - Has had a waterfall down move and at $144 key pivot point. Great consumer staples company.
$KO (Coca-Cola) - Right at the $60 strong support level.
Bearish
$AVGO (Broadcom Inc) - Very overbought on AI and semiconductor hype from last week. This is a carryover idea from last week.
$SBUX (Starbucks Corporation) - Broke below the $100 support and could indicate further downside.
IHH Healthcare Berhad (KLSE:IHH) Is About To Go Ex-Dividend, And It Pays A 1.2% Yield
It looks like IHH Healthcare Berhad (KLSE:IHH) is about to go ex-dividend in the next 4 days. The ex-dividend date occurs one day before the record date which is the day on which shareholders need to be on the company's books in order to receive a dividend. It is important to be aware of the ex-dividend date because any trade on the stock needs to have been settled on or before the record date. Therefore, if you purchase IHH Healthcare Berhad's shares on or after the 30th of May, you won't be eligible to receive the dividend, when it is paid on the 30th of June.
The company's next dividend payment will be RM0.096 per share, which looks like a nice increase on last year, when the company distributed a total of RM0.07 to shareholders. We love seeing companies pay a dividend, but it's also important to be sure that laying the golden eggs isn't going to kill our golden goose! As a result, readers should always check whether IHH Healthcare Berhad has been able to grow its dividends, or if the dividend might be cut.
Dividends are typically paid from company earnings. If a company pays more in dividends than it earned in profit, then the dividend could be unsustainable. That's why it's good to see IHH Healthcare Berhad paying out a modest 41% of its earnings. That said, even highly profitable companies sometimes might not generate enough cash to pay the dividend, which is why we should always check if the dividend is covered by cash flow. IHH Healthcare Berhad paid out more free cash flow than it generated - 143%, to be precise - last year, which we think is concerningly high. It's hard to consistently pay out more cash than you generate without either borrowing or using company cash, so we'd wonder how the company justifies this payout level.
While IHH Healthcare Berhad's dividends were covered by the company's reported profits, cash is somewhat more important, so it's not great to see that the company didn't generate enough cash to pay its dividend. Cash is king, as they say, and were IHH Healthcare Berhad to repeatedly pay dividends that aren't well covered by cashflow, we would consider this a warning sign.
@thefakhirin
US Congress members demand that PayPal end ban on Palestinian business
Other payment companies do business with Palestinians in the occupied territories, but PayPal only provides services to Israelis there
Eleven members of the US Congress have demanded PayPal end a ban on doing business with Palestinians in the occupied territories while permitting Israeli settlers to use the digital payment platform.
The letter, authored by Representative Mark Pocan, says PayPal is discriminating against Palestinians by denying “equal access to the digital economy”.
“We have significant concerns that, because PayPal does provide services to Israeli citizens in illegal settlements across the West Bank, but does not provide services to Palestinians living in the West Bank and Gaza, PayPal’s current operating status may be infringing upon the rights of Palestinians,” the letter said.
“As one of the world’s most recognized payment platforms, PayPal has a responsibility to ensure its services and operations are provided in a non-discriminatory manner.”
The letter was sent to PayPal’s CEO, Dan Schulman, ahead of the company’s annual stockholder meeting on Wednesday. It was also signed by Representatives Earl Blumenauer, Betty McCollum, Rashida Tlaib and Greg Casar, among others.
PayPal has not explained publicly why it has singled out residents of the Palestinian territories, only saying it regards the area as “high risk”, when other financial service providers, including Visa, Mastercard and Apple Pay, operate in the West Bank and Gaza without issue. The payment platform operates in other areas of conflict, including Yemen and Somalia.
The proposal says that if PayPal does not wish to implement the policy then it should “provide an evaluation of the economic impact the policy of exclusion has on the affected populations as well as the company’s finances, operations and reputation”.
PayPal has urged shareholders to vote against the proposal.
A Palestinian American businessman, Sam Bahour, plans to tell the shareholder meeting that his companies have worked with the US and UK governments and the EU but cannot use PayPal. Bahour, who is a founder of the Palestine Telecommunications Company, noted that firms such as Cisco, HP and Oracle operate in the Palestinian territories.
“Likewise, it’s a fact that Palestine has a thriving banking sector and all Palestinian banks have corresponding US banks that make money transfers daily. The US Treasury Department is also active in Palestine and has praised the level of Palestinian banking compliance,” he said, according to a transcript of the planned remarks.
Guardians | @thefakhirin
Nvidia and Dell to build Data centre solution to boost AI workload performance using NVIDIA DPUs, NVIDIA GPUs and Dell PowerEdge servers bringing state-of-the-art AI training, AI inference, data processing, data science and zero-trust security capabilities to enterprises worldwide.
“AI and zero-trust security are powerful forces driving the world’s enterprises to rearchitect their data centres as computing and networking workloads are skyrocketing,” said Manuvir Das, head of Enterprise Computing at NVIDIA.
@thefakhirin
$APPL Average price target $180 in near term.. highest estimate $205
moderate buy
Gold price continues sideways performance
Gold price continues its three-day winning spell but the upside seems restricted near $1,950.00 as investors await US NFP data to get in-depth information about labor market conditions.
The precious metal gathers strength to deliver a breakout of the Rising Channel chart pattern formed on a lower time frame.
The yellow metal secures stability above the 20-day and 50-day Exponential Moving Averages (EMAs), supporting more upside ahead.
@opinionmarkets
GOLD - Bullish on TFH4
Bullish target
TP 1 1927.72
TP 2 1932.47
If the market price bearish below 1921.74, Bearish target will be :
TP 1 1917.79
TP 2 1913.84
Gold momentum TFH4 - Bullish
@opinionmarkets
Gold waiting confirmation. Timeframe 1H
Bearish side :
Break trendline, bearish to 1910.95
Bullish side :
Price continue bullish above 1914.94 and tends to 1922.65
@opinionmarkets
US Dollar Index: DXY retreats towards 103.00 despite strong yields, focus on mid-tier US data, central bankers
-US Dollar Index stays pressured for the second consecutive day after reversing from 10-week high on Friday.
-US Treasury bond yields jump to late 2007 high as market players sell government securities amid mixed mood.
-Market’s consolidation ahead of Jackson Hole Symposium, China concerns prod DXY bulls.
-US data, second-ranked Fed officials’ speeches will entertain intraday traders of Greenback.
US Dollar Index (DXY) remains depressed around 103.30 as it renews the intraday low while keeping the week-start pessimism during the early hours of Tuesday’s Asian session. In doing so, the Greenback’s gauge versus the six major currencies ignores the strong US Treasury bond yields amid the market’s mixed sentiment ahead of this week’s top-tier data/events.
That said, the US 10-year Treasury bond yields rose to the highest level since 2007, to around 4.354% before ending Monday’s trading day near 4.34%.
Apart from the pre-Jackson Hole consolidation, the DXY traders also justify China’s efforts to defend the post-COVID economic recovery via a slew of stimulus measures, as well as the receding recession fears across the board.
Additionally, the Federal Reserve Bank of New York unveiled its SCE Labor Market Survey results late Monday that suggested record wage expectations and could have prod the DXY bears. “The Lowest wage respondents would be willing to accept for a new job jumped to a record high of $78,645 in July, up from $72.873 a year ago,” said the findings.
It should be observed that the previous week’s mostly upbeat United States data prod the Federal Reserve (Fed) doves and put a floor under the US Dollar Index. However, some of the top-tier US banks appear struggling to confirm Fed Chair Jerome Powell’s hawkish move at Jackson Hole. That said, Goldman Sachs expects Fed Chair Powell to sound defensive during the annual event of the central bankers but the Bank of America (BofA) expects Fed’s Powell to push back against the rate cut expectations.
During the last week, upbeat activity and wage growth numbers joined hawkish Fed Minutes to enable the US Dollar Index (DXY) to print a fifth weekly run-up. The same also challenged the previous policy pivot concerns and escalate the market’s anxiety before this week’s central bankers’ speeches at the Kansas Fed’s annual event.
Moving on, the US Existing Home Sales for July and Richmond Fed Manufacturing Index for August will join speeches from the mid-ties Federal Reserve (Fed) officials to direct intraday DXY moves. However, major attention will be given to Friday’s Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium amid indecision about the US central bank's next moves.
@opinionmarkets
Gold Continue Bearish?
R1 : 1898.02
R2 : 1928.35
S1: 1871.91
S2: 1801.72
Gold under pressure from elevated US dollar, bond yields
KEY POINTS:
-SPDR Gold holdings extend decline, lowest since Jan 2020
-Gold has dropped in all but one trading session since last week
-China cuts rates as industrial output, retail sales growth slows
-U.S. retails sales data due at 1230 GMT
Gold prices eased on Tuesday as the dollar benefited from elevated bond yields and China's economic concerns, with markets now looking ahead to U.S. retail sales data that could shed light on the impact of higher rates on consumer spending.
GOLD was down 0.2% at $1,905 per ounce by 0319 GMT, trading near its lowest level in 1-1/2 months hit in the previous session. U.S. gold futures GOLD dropped 0.3% to $1,937.80.
Gold prices fell as the U.S. dollar and Treasury yields were pushed higher, with investors assessing potential policy actions from Chinese regulators to address mounting financial and property risk, according to NAB Commodities Research.
Making bullion expensive for overseas buyers, the U.S. dollar hit its highest levels in more than a month on Monday amid worries over China's economy. U.S. 10-year Treasury yields were near their highest levels since November.
China's central bank unexpectedly cut key policy rates on Tuesday, as the world's second-biggest economy's industrial output and retail sales growth slowed and undershot forecasts.
Attention is now turning to U.S. retail sales data due later in the day and the Federal Reserve's July policy meeting minutes on Wednesday.
Sabrin Chowdhury, head of commodities at BMI, expects a boost in gold prices, lately under pressure from a strong U.S. dollar, only towards the last quarter of 2023.
"While the U.S. Fed's hiking cycle has reached its apex with the hike in July 2023... we expect a dovish pivot to only appear from 2024 onwards."
Treasury Secretary Janet Yellen said President Joe Biden's policies are powering historic job growth and rebuilding competitiveness, despite polls showing Americans remain sceptical.
Highlighting investor sentiment toward bullion, the world's largest gold-backed exchange-traded fund, SPDR Gold Trust GLD, said its holdings fell 0.4% to their lowest since January 2020 on Monday.
🍏 $AAPL (Apple) soars to New High: Stock reaches all-time high, inching closer to $3 trillion valuation. Successful product launch and strong brand loyalty boost performance.
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1. BTC is now quoting at 25,711.61 USDT, down -5.17% in 24 hours
2.NFT social commerce platform developer Oxalus closes $1.1M seed round led by Kyber Ventures
3. Decentralized Exchange SushiSwap Launches DEX Aggregator
4.Arbitrum on-chain ERC-20 tokens surpass $10 billion in total cumulative locked-in value
5. Coinbase closes below $60 on Monday, down more than 9 percent
6.Binance.US has a shaky market share relative to other US cryptocurrency exchanges
@thefakhirin
$Shopify on technical..
its look like... touch 100% fibo extension.. Possible bearish for a while... Possible...
$BTC turning point... for bullish to $40k
on weekly chart...
$27k or $24k .. hmmmmmm 🥸
$XRP - Ripple on bullish to $1 ?
Since kes SEC seolah dilihat memihak kepada Ripple, ramai mengjangkakan harga ripple akan bullish to $1 dalam tempoh masa terdekat.
Aku melihat harga ripple masih berada dlm pivot price.. area antara 0.45 - 0.47..
R1 dilihat pada harga $0.53
R2 pada harga $0.61
R3 $0.73
Ripple price consolidate between $0.41 - $0.52
$NVDIA Stock Spikes on Robust AI Chip Demand.
Nvidia’s CEO Jensen Huang said that the computer industry is undergoing two simultaneous transitions – accelerated computing and generative AI. “A trillion dollars of installed global data center infrastructure will transition from general purpose to accelerated computing as companies race to apply generative AI into every product, service and business process,” said Huang.
Technical analysis... Fibo extension highest price target :
Target 1 : $347
Target 2 : $426
Target 3 : $474
@thefakhirin
Xiaomi Corp posted on Wednesday revenue of 59.5 billion yuan ($8.61 billion) for the quarter ending in March, down 18.9% and in line with analyst expectations.
Net income reached 3.23 billion yuan, up 13.1%, and above expectations.
($1 = 6.9121 Chinese yuan renminbi)
(This story has been corrected to change revenue fall to 18.9% from 18.8% in the headline)
@thefakhirin
$APPL ... what to expect tonite? Bearish below trendline or continue bullish to $179 ...
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