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FX Analysis – USD and GBP up on hot data, JPY and AUD under pressure

A hotter than expected CPI reading out of the UK along with a beat in US retail sales saw global markets turn risk off as rates markets hawkishly re-priced chances of cuts coming from Central Banks. The unwinding of priced in Fed cuts saw a spike in treasury yields and the USD bid, with DXY hitting a high of 103.69 after the December US retail s...

January 18, 2024
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Middle East conflict & US interest rates send Gold back towards all-time highs.

Since reaching a local bottom in October of last year, XAUUSD has experienced a strong uptrend of over 13%. Closing its third consecutive positive session, Gold is inching closer to its all-time high, now sitting just above $2,050 USD per ounce. From a technical standpoint, Gold is following a well-defined rising channel that has been predominan...

January 16, 2024
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The Week Ahead – Jobs, CPI and Retail Sales – the Charts to watch

FX traders come into the new week with an uptick in tier one economic releases to look forward to after a very slow start to the year volatility-wise. Australian and US employment figures, UK CPI and US retail sales look to headline from Tuesday onwards (Monday is a US public holiday) The Charts to watch: AUDUSD AUDUSD has struggled to fin...

January 15, 2024
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UnitedHealth tops estimates but the stock is down

World’s largest healthcare company, UnitedHealth Group Inc. (NYSE: UNH), reported fourth quarter and 2023 full-year financial results on Friday. The company achieved revenue of $94.427 billion for Q4 of 2023 (up by 14% vs. Q4 2022) vs. $92.126 billion expected. Earnings per share (EPS) reported at $6.16 per share vs. estimate of $5.985 per ...

January 15, 2024
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Bank of America stock dips as earnings fall short of expectations

Bank of America Corp. (NYSE: BAC) announced Q4 2023 financial results before the opening bell in Wall Street on Friday. The US bank reported revenue that fell short of estimates of $23.5 billion vs. $23.703 billion expected. Earnings per share was reported well below analyst expectations at $0.35 per share vs. $0.533 per share estimate. Co...

January 15, 2024
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JP Morgan Q4 2023 earnings results are here

US financial services giant, JP Morgan Chase & Co. (NYSE: JPM), reported the latest financial results for Q4 2023 before the market open in the US on Friday. JP Morgan reported revenue of $38.574 billion for the quarter, falling short of Wall Street estimate of $39.73 billion. Revenue was up by 11.65% year-over-year. Earnings per share (E...

January 15, 2024
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Market Analysis – Hot CPI whipsaws markets – USD, Gold, JPY, AUD

USD was ultimately flat in a choppy session on Thursday after hotter-than-expected US CPI data. The US Dollar Index (DXY) hitting briefly breeching the resistance at 102.63 to hit a high of 102.76. This proved to be another false breakout of this level with DXY gradually retracing for the rest of the session to unchanged levels. JPY outperfo...

January 12, 2024
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FX Analysis – GBP, EUR JPY, USD

USD saw weakness in Wednesday’s session with a risk on equity market and only a marginal move higher in yields weighing on the Greenback ahead of today’s key US CPI report. There was little in the way of major US data releases but some hawkish leaning comments late in the session from the Fed’s Williams stemmed losses. The US Dollar Index (DX...

January 11, 2024
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Market Analysis – Gold tests key level, AUD dips ahead of CPI, Oil bounces

Global markets chopped about in Tuesday’s session with no key data released with traders seemingly waiting on the sidelines for US CPI and a slew of bank earnings later in the week. Gold – XAUUSD XAUUSD rallied in Tuesdays APAC session testing the 2040 USD an ounce resistance level before a sharp drop as Europe opened saw drop to a low of...

January 10, 2024
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AUD CPI Data Looms

Since the start of 2024, the AUDUSD has reversed from the resistance area of 0.6870, a high formed in June and July 2023. The main factor leading to the AUDUSD trading lower is primarily due to the recovery in strength of the DXY. The AUDUSD currently trades along the support area and round number level of 0.67. On Wednesday this week, the Aust...

January 9, 2024
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Gold slides as DXY recovers

The recovery in strength on the DXY has led to Gold reversing strongly from the all-time high of 2088 which was reached at the end of 2023. Last week, the US employment data was released stronger than expected with the Non-Farm employment change at 216K (Forecast: 168K), however, wage inflation remained unchanged at 0.4%. This set of data is likel...

January 9, 2024
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Market Analysis – Oil tumbles on Saudi price cut – USD, JPY, CHF

USD ultimately ended lower on Monday with the US Dollar Index (DXY) first testing the resistance at 102.57 to the upside before reversing course to test the support at 102 to the downside. A risk on equity markets and some dovish developments. Data saw the NY Fed Survey show lower than expected inflation expectations. There was also a dovish call f...

January 9, 2024
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The Week Ahead – XAUUSD, AUDUSD, DXY

Global markets enter the second week of the new year in cooldown mode with risk assets taking a hit after the red-hot finish to 2023. The NASDAQ having its worst start to a year since 1999, dropping almost 4% on the week, risk sensitive currencies AUD and NZD following not far behind. FX traders have a slew of CPI reports in the coming week to l...

January 8, 2024
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Constellation Brands posts mixed results

US producer and marketer of beer, wine and spirits, Constellation Brands Inc. (NYSE: STZ), announced Q3 fiscal 2024 financial results before the market opened in the US on Friday. The company reported revenue of $2.471 billion for the quarter, which fell short of $2.538 billion expected. Earnings per share topped analyst estimates at $3.19 pe...

January 8, 2024
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FX Analysis – USD flat ahead of NFP, EUR rallies on PMI beats, JPY lags

Beats in US employment data ahead of today’s key Non-farm payroll figure saw the US Dollar Index eke out another gain after weakness in the APAC session reversed in the European session. DXY up for the 5th straight day, having its longest winning streak since September and it’s best start to a year since 2005. DXY hit a high of 102.53, st...

January 5, 2024
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