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RBNZ takes more dovish tone as the economy’s cracks start to show. 🏦🕊
NZD declines against all currencies. Trades 0.83% lower against GBP and has fallen more than 1.00% against USD. 💰📉
NZDUSD witnesses more sell signals materialize as US Dollar Index rises and New Zealand economies continue to show signs of weakness. 💵📉
US Dollar Index trades 0.20% higher as investors take a more cautious approach due to weaker economic data. 💵📈
US Durable Goods Orders decline more than 6.00%, the largest contraction since May 2020. Core Durable Goods decline for 1st time since May 2023! 📉🏭
USA100 declines as investors fear this afternoon’s GDP may read lower than expectations considering the weaker economic data from yesterday. 📉
Get ready for a busy week ahead with a preview of the most important market events, then check out the Economic Calendar on our website for more details! 📈
Be ready for all these market moving events by checking the full Economic Calendar on our website
🚀Nvidia got a $277 billion 1-day boost to its market capitalization yesterday - the biggest single-session increase in value ever!
🧳Treasuries continued to lose ground, hurt by the surge in risk appetite with yields cheapening to the highest levels since late last year.
🌎Massive global rally in risk that saw the NASDAQ(USA100) jump 2.96% to 16,041.6, falling just short of the historic peak of 16,057 from November 2021. The S&P500 (USA500) climbed 2.1% to 5100 marking new record.
📈The Nikkei jumped a further 2.2%.
💴The Yen has performed the worst so far this year, experiencing a 6.3% decrease against the Dollar, as investors sought higher yields in other currencies, anticipating that Japan's interest rates would remain close to zero for the foreseeable future.
🇪🇺The Yen weakened against the Euro & Sterling marking its 4th consecutive weekly decline against the US Dollar.
🛢USOil slipped to $77.85 per barrel after Fed speeches indicated delay to rate cuts.
👉Gold dipped to $2021 per ounce.
Market Snapshot - 21 February
📈 EUR/USD climbs above 1.0800, testing 1.0840 region.
💵 USD Index posts lowest daily close in two weeks near 104.00.
🛑 USD struggles to find demand as market focus shifts to FOMC Minutes.
🇳🇿 NZD/USD trades softer near 0.6162.
📈 USD/JPY hovers at 149.96, influenced by dip in US Treasury yields and subdued Dollar.
🔄 Market's tight range near 150.00 may shift, watching for Japanese authority interventions.
🛠 Tech stocks, including NVIDIA Corporation (NASDAQ:NVDA), remain on the backfoot, extending losses.
📊 NASDAQ Composite sheds 0.9%, while S&P 500 and Dow Jones Industrial Average lose 0.6% and 0.2% respectively.
🛢 WTI edges lower to $77.10 after reaching three-month high last week.
🌐 Concerns around global oil demand from International Energy Agency (IEA) could drag oil price lower.
⚠️ Rising Middle East geopolitical conflicts might cap downside of WTI.
💰 Gold reaches $2,028.44, climbing for fourth day on China's rate moves and US inflation figures.
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Market Brief 📈 – 16/02/2024 -
Investors Continue to Buy Ahead of the US Producer Inflation Release!💰
UK Retail Sales witnesses strongest increase since May 2021, but economists advise increase is simply correcting poor data from previous months. 🛍
Retail Sales read 3.4%, significantly higher than the 1.5% expected and -3.2% from the previous month. 💹
Pound struggles to maintain gains against most currencies, but the currency market has their eyes fixed on the upcoming US PPI. 💷
Applied Materials soar above earnings expectations. EPS beat expectations by almost 12% and revenue by 3%. Stock rose 12% after market close. 🚀
Bitcoin again renews recent highs rising another 2.15% on Thursday. Cryptos are also likely to witness strong influence this afternoon. 📈💲
Demand for spot-Bitcoin ETFs remains strong, with net inflows of over $1 bln over the past week. Cryptos also continue to be supported by the loosening Chinese monetary policy. 💼📊
CPI has triggered new trends, more volatility and this is likely to continue with today’s Producer Price Index release.
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Market Briefing – 14/02/2024 - Inflation Expectations Were Too Optimistic. Investors Consider More Buy Positions! 📈
UK inflation unexpectedly remains at 4.0%. Core Inflation data also read lower than expectations causing Pound to decline. 💷
US inflation declines but at a weaker than expected pace. US inflation falls from 3.4% to 3.1% (2.9% was expected).
The best performing currency as we edge towards the European Cash Open is AUD, followed by JPY. 💰
The worst performing currency is GBP, which is depreciating against all competitors. GBP performance will depend on tomorrow’s GDP data. A GDP decline can further pressure the Pound. 📉💷
96% of the NASDAQ fell on Tuesday after the US inflation release, but after inflation elsewhere falls, will US investors look to re-enter at the lower purchase price? 💼💰
Market Briefing - Gold Climbs Ahead of Inflation and the GBP Jumps on Positive Data!
The UK employment data reads higher than analysts’ expectations, supporting the Pound. UK salaries rose 0.2% supporting both consumer demand and inflation. 💷💼
The best performing currency of the day so far continues to be the Pound after positive economic data. However, the main price driver of the week will be tomorrow’s UK inflation rate. UK inflation expected to rise to 4.1%. 📈🚀
The US Dollar Index rose during the Asian session but is relinquishing gains as we approach the European open. According to analysts, today’s inflation reading may need to be considerably higher to support the Dollar. Analysts expect US inflation to decline to 2.9%, the lowest in almost 3 years! 📉💵💹
USA100 and SNP500 decline as investors prefer to “cash in” profits before this afternoon’s inflation reading. However, investors await important earnings reports from Airbnb (tonight), Cisco (tomorrow), and Applied Materials (Thursday). 💼
Morning Market Brief – 12/02/2024 - Stocks Supported by Potentially Lower US Inflation and Positive Earnings
NASDAQ appreciated in value for 5th consecutive week regardless of stronger employment data. Investors turn attention to global inflation releases. 📈💼
Analysts expect US inflation to decline to lowest since April 2021. According to predictions, inflation has fallen from 3.4% to 2.9%. 📉🇺🇸
On Friday, from the top 20 most influential stocks, only 3 declined meaning 85% of the “significant” stocks rose in value. The best performing stock in 2024 is NVIDIA rising almost 50%. 💼
Bitcoin witnesses one of its strongest bullish price movements in almost a year. Over the past week, Bitcoin has risen more than 12%. 🚀💰
This week, BTC-based spot ETFs received an additional $146 mln according to reports. 💼💸
Analysts advise longer-term outlook for GBPJPY is for Yen to end higher in 2024. Though, the Pound continues to obtain mainly buy signals in the meantime. 💷📈📊
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Market Recap - S&P500 Breaks 5k; Gold & USD in a range!
🌎Asian stock markets mixed as Chinese stocks swung between gains and losses on the eve of the Lunar New Year holidays.
🇨🇳China CPI tumbled to an -0.8% y/y pace in January, the 4th straight month in deflation.
🇪🇺EU & US futures higher despite a slight rise in yields.
📈S&P500 hit a new high at the close, breaking 5,000, driven by confidence in the economy as despite worries like Fed policy changes and market conditions, the market remains strong with good momentum.
💲USDIndex is at 104.03, in a tight range.
🇯🇵USDJPY depreciated against USD, reaching 148.80, following comments from BOJ Uchida indicating that the bank is unlikely to pursue aggressive interest rate hikes, even as it moves away from negative interest rates.
🛢USOIL rose for 3rd day in a row, above $74, driven by ongoing Middle East tensions. The rise in global stocks is boosting oil demand, despite Fed dismissal of immediate interest rate cuts.
🪙Bitcoin rose 0.85% to $44,564.62.
Market Recap - Stocks surge as hopes of rate cuts recede; USD, yields higher
📈 Treasury yields rose and US govt bonds saw a selloff after Fed Powell hinted at fewer interest rate cuts this year.
🏦 RBA left cash rate unchanged but hinted at possible future rate increases.
💷 BOE's Pill indicated rate cuts could occur before reaching 2% inflation target.
🇩🇪 An unexpected jump in German manufacturing orders at start of European session reduced pressure on ECB to cut rates.
🇨🇳 Chinese stocks rose on news of upcoming meeting between China's securities regulator and President Xi Jinping.
📉 Equities declined in Japan, Australia, and South Korea.
📊 US and European futures showed modest gains.
💵 USDIndex rallied, while AUDUSD rose to 0.6520 with Aussie bond yields.
🛢 USOIL recovered slightly from last week's drop.
🥇 Gold fell to an overnight nadir of $2014.95 per ounce thanks in part to rise in bond yields, but inched up to finish at $2026.30.
🔔 Yen witnesses strongest gains since Dec 2023 and USDJPY drops more than 0.70% within first few hours of trading after BoJ gives first clear indication of rate hikes. 📈💴
Yen is largely being driven by comments made by a key BoJ member. Mr. Takata told journalists 🗣 “It’s necessary to consider taking a response, including on how to exit, or shift gear from the current extremely accommodative monetary policy”. 💬🇯🇵
📈 Yen has also obtained further support from economic data this morning. Japan’s Retail Sales read 2.3%, higher than the 2.00% prediction. Core CPI remained at 2.6%, again higher than expectations. 💰📊
US stocks decline away from the latest resistance level and trade 0.87% lower by end of the day. The day’s price movement is likely to largely be dependent on today’s PCE Core Price Index. 📉🇺🇸
Of the NASDAQ’s top 30 influential stocks, only 3 rose in value on Wednesday indicating a clear downward trend for the day. 🔻📉
Market Snapshot - 27 February
Japan’s 2-Year Bond Yield rises to highest level in more than 10 years. 💹💰
On Tuesday, Japan’s inflation declined from 2.3% to 2.0% which was slightly higher than expectations. 📉🇯🇵
Japan’s bond yields rise as investors continue to speculate that Japan will move away from their ultra-expansionary monetary policy. 💹📈
Yen increases against all currencies and may continue to rise if USD weakness continues. 💴📈
Some analysts advise BOJ may change their policy as early as April 2024, whereas others believe it may be later in the year. 🇯🇵🏦
Investors considering whether higher bond yields will support Yen in March and if NIKKEI225 will retrace back to the previous low. 💹📉
US Dollar Index declines for 2nd consecutive day. Dollar traders will focus on today’s US Durable Goods release as well as the Consumer Confidence Index. 💵📉
NZD witnesses a quick decline as we approach this week’s central bank decision & press conference.📉
NZD falls 0.50% within the first three hours of trading and 0.65% against GBP. Investors voice concern over the struggling New Zealand economy while inflation remains higher than other regions Economists advise RBNZ to opt for a “harsh” landing scenario to bring inflation down to its 2% target.📉
Oil drops to lowest since Feb 15th after investors price in a delayed interest rate cut.
After Oil’s strong decline Friday, the price is trading below most Moving Averages such as the 75-Bar-EMA and below 50.00 on the RSI. In addition, most timeframes show a downward crossover and the price trades below the Volume Weighted Average Price. 📉
US Oil declines after the EIA recorded an increase in oil reserves of 3.5 mln barrels. The higher level of supply can continue to pressure quotes if demand falls.⛽️
The US Dollar Index trades 0.12% lower during the Asian Session and so far, continues to maintain a “sell signal”. 📉
An Uplift In Confidence Boosts Global Futures
📉Treasuries finished with losses. FOMC mins did not provide any new information on the policy front.
📈Nikkei rose 6% initially and closed up 2.19% breaking the previous all-time closing high, driven by gains in chip-related stocks following Nvidia's positive outlook, amid strong demand for its AI-dominating chips.
Japan's benchmark has surged approximately 52% since its Jan 2023 low, fueled by a tech rally, corporate governance reforms, and increased profits for exporters due to a weakened Yen.
💲USDIndex finished lower. Euro & Pound strengthened to $1.0835 & to $1.2647 respectively.
🇯🇵USDJPY slipped 0.04% to 150.23.
🇺🇸NZDUSD reached a 1-mth high of $0.6205. Expectations for RBNZ to maintain its cash rate at 5.5% next week have led to some support for the kiwi, though there's speculation of a potential hike.
👉Gold in the green, edging up fractionally to $2031 per ounce.
🛢USOil rose 1.22% to $77.98 per barrel.
Today: Flash PMI data for US, UK, and EU.
US & European equities declined, mirroring the drop in Asian stocks
🇨🇳China implemented a record rate cut, reducing the 5-yr loan prime rate by 25 bp to 3.95%, surpassing expectations of 5-15 bp.
📉RBA maintained cautious stance, suggesting rate cuts were not imminent. Minutes indicated policymakers require additional time to ascertain if inflation is indeed decreasing.
📈Nikkei (JPN225) retreated by 0.3% from highs.US Treasury yields edged up slightly, with S&P500 (USA500) futures & European futures both declining by 0.3%.
💲USDIndex strengthened broadly surpassing 150 Yen, amid expectations of sustained higher US interest rates, despite Japan's recession & uncertainty over its monetary policy exit.
🧈Gold was little changed after edging higher Monday to trade around $2,020 per ounce.
🛢USOIL edged higher against backdrop of ongoing Red Sea tensions, a vital trade route, again retesting January's high.
👉Today Canadian inflation and European wages data expected to influence market movements going forward.
Market Recap - China Back, US closed!
🇨🇳Chinese stocks climbed slightly as China returned from the long New Year holidays. Modest gains showed investors are worried about the longterm.
🇺🇸US markets closed for Presidents’ Day holiday.
📈Nikkei holds near 1989 highs, pressured by Friday's selloff but also due to decline in chip-related shares.
🇪🇺EU stock futures are in the red, US futures higher on what is likely to be a quiet day, as US markets are closed.
💲USDIndex gains faded after hot inflation stats crushed expectations for quick and deep Fed rate cuts. Currently at 104.
🇯🇵USDJPY sideways. The drag from higher US bond yields, particularly on tech stocks, is offsetting support from weak Yen.
🛢USOIL pulled back from $78 highs on the ongoing Middle East tension.
Gold extends Friday's gains, above $2020.
👉This week: Eyes on EU inflation data, PMI data from EU, UK & US, RBA & FOMC Minutes, as well as earnings from Nvidia Corp. and BHP Group Ltd to help gauge the health of the global economy.
CPI has triggered new trends, more volatility and this is likely to continue with today’s Producer Price Index release.
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Market Brief - 📉 The Fed Remains Dovish and The NASDAQ Attempts a Full Correction. 📈
NASDAQ rises 0.95% and continues to attempt a full price correction during this morning’s Asian session. 💹
Investor sentiment improves as Fed's Bar and Goolsbee keep to their dovish rhetoric. Both state the “path is bumpy” but inflation continues to decline which is the main thing. 📉💬
Cisco Systems beat Earnings and Revenue expectations. Investors now turn to Applied Materials who will release their report this evening after market close.
UK economy shrunk 0.1% in the latest month according to the latest GDP figure, which was higher than expectations but still recorded an economic contraction. 🇬🇧
UK Prelim 3-Month GDP read a negative -0.3%, the largest decline since May 2021. GBP is again the worst performing currency of the day. 💷
Gold continues to trade at a 2-mth low and is likely to remain under pressure if tomorrow’s Producer inflation, similar to Consumer inflation, reads higher than expectations.
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Tune in with Andria for a real-time breakdown leading up to the release of January's inflation figures!
The upcoming major US inflation reports for January are capturing everyone's attention! Policymakers are closely watching the data to gauge whether inflation is moving towards the 2% target, although this seems improbable in the near future.
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Tune in with Andria for a real-time breakdown leading up to the release of January's inflation figures!
The upcoming major US inflation reports for January are capturing everyone's attention! Policymakers are closely watching the data to gauge whether inflation is moving towards the 2% target, although this seems improbable in the near future.
Join Here
Markets are closed for the Lunar New Year holiday.
🏦Treasuries declined while Wall Street closed with modest gains, as expectations for Fed rate cuts diminish ahead. Declines in initial and continuing jobless claims reversed recent increases, indicating a resilient job market.
🇯🇵The JPN225 experienced an uptick at Friday's close, stepping back from a 34-year peak as investors engaged in profit-taking.
🇪🇺EU & US futures declined cautiously, while USDIndex held steady ahead of US inflation data. Japanese stocks were mixed, buoyed by a weaker Yen.
The USDJPY broke 149 and extended to 149.49.
🇳🇿NZDUSD climbed to 0.6133 following ANZ Bank New Zealand Ltd.'s forecast of 2 more interest rate hikes by the RBNZ this year.
🛢USOIL broke $76, aiming for the $80 resistance level.
🪙Bitcoin surged to a 1-month high above $46,000, historically indicating positive returns post-Lunar New Year holidays, averaging over 10% in 10-day returns since 2014.
Market Recap - Cautious Start!
💰Treasuries rebounded after worst 2-day slump since June 2022, supported by dip buying and positive 3-yr note auction.
🏦Fed President Mester's hawkish comments hinting at possible rate cuts later in the year added support.
🇨🇳 Chinese bourses initially rose on stimulus hopes but lack of decisive follow-up led to fading confidence.
📉 Shanghai Composite plunged nearly -9% this year to lowest since 2019, while Hang Seng dropped over -10%, rattling officials after previous measures also failed to boost markets.
🏭German industrial production corrected -1.6% m/m in December, worse than expected.
🌍 European & US futures remain flat.
💲USDIndex strengthened but profit-taking occurred at intraday high of 104.604 as markets evaluate central bank policies.
🇳🇿 NZDUSD spiked to 0.6113 on strong NZ jobs report, suggesting RBNZ may hold off on interest rate cuts. AUD also strengthened.
⛽️ USOIL prices rose to $73.42 per barrel, while gold increased by 0.53% to $2035.66 per ounce.
Market Recap - Dollar shines; Gold in a free fall as US consistently defied fears of a recession
USD rises as hopes for a March rate cut diminish. Further evidence of a robust economy boosts optimism for 2024.
🇨🇳China Regulator intensifies measures against market offenses and aims to attract more medium and long-term funds.
🔍 Former Pres. Trump's remarks on potential tariffs above 60% on Chinese imports dampen market sentiment.
🇩🇪German trade surplus widens, but exports plunge due to geopolitical tensions.🔻
Treasuries fall, extending Friday's selloff.
🌏 Asian stocks mostly lower; Chinese shares decline despite stimulus measures.
🇪🇺European futures narrowly mixed, while US futures show broad losses.
💴 Yen creeps lower, trading above $148.
🛢 USOIL steadies above $72 amid US vows for more strikes against Iran’s forces.
💰 Gold weakens with next support at $2000,
🗓Today: January PMI data for France, Germany, UK & Eurozone, and US ISM Services.
