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AUD and NZD under pressure on rising US and EU yield expectations
AUD and NZD, being cyclical currencies (cyclical currencies being ones that are extra sensitive to global risk sentiment) took a big hit in Fridays session , dropping 1.1% and 1.3% respectively against the USD and remain under pressure today. Weak retail sales out of the US on Friday didn’t help risk sentiment, but the rout really started when...
April 17, 2023Read More >JP Morgan Chase & Co. tops Q1 estimates – the stock is rising
JP Morgan Chase & Co. (NYSE: JPM) announced Q1 financial results before the market open in the US on Friday. The largest bank in the US beat both revenue and earnings per share (EPS) estimates for the first quarter of 2023, sending the stock price higher. The company reported revenue of $38.349 billion vs. forecast of $36.125 billion. ...
April 15, 2023Read More >Indices Trading – What are Indices and how to use CFDs to trade them
Indices Trading – What are Indices and how to use CFDs to trade them. Index trading is one of the most popular class of markets to trade for CFD traders, rivalling major FX pairs in trading volume, but what is indices trading and how does trading them with CFDs work? Most people will be familiar with the names of the maj...
April 13, 2023Read More >Market Analysis 10-14 April 2023
XAUUSD Analysis 10 – 14 April 2023 The gold price outlook is positive in the medium term. As last week's closing of the buying bar was above the 1960 support or the latest high in price on the Weekly timeframe, it indicates continued buying momentum that will allow the price of gold to recover. It can rise further to test the 2070 resistan...
April 11, 2023Read More >FX analysis – USDJPY – Yield differentials pushing this pair higher
USDJPY The USDJPY is on the march higher again after a better than expected Non-Farm payroll figure on Friday saw sentiment shift hawkishly toward Fed monetary policy with Fed fund futures now pricing in a 70% chance of a 25bp hike at the FOMC May meeting, up from around a 50-50 split earlier in the week. The policy divergence in the US and J...
April 11, 2023Read 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, 2023Read 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, 2023Read 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, 2023Read 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, 2023Read 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, 2023Read 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, 2023Read 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, 2023Read 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, 2023Read 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, 2023Read More >Market Analysis 27-31 March 2023
XAUUSD Analysis 27 – 31 March 2023 The gold price trend can be viewed both positively and negatively in the short and medium term. As the close of last week's Doji bar indicates hesitation in the market. Although the previous three weeks, gold has had strong and consistent buying momentum since the beginning of March. But even so, the g...
March 27, 2023Read More >