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Daily Market Comment – Techs extend rally amid optimism, dollar eyes inflation data

Wall Street in buoyant mood despite mixed earnings as Tesla surges Dollar firms after solid growth data, PCE inflation coming up next Yen edges up as BoJ yield policy tested again after Tokyo CPI rise Equities shrug off gloom as tech stocks rally The Nasdaq is headed for a fourth consecutive weekly gain, outperforming both the S&P 500 and the Dow Jones, as tech stocks stage a surprise comeback in 2023.

Technical Analysis – ETHUSD lower, next stochastic move crucial

ETHUSD (Ethereum) is edging lower today after touching a local peak of 1,679 on January 21. Cryptocurrencies started the year on a very positive note and ETHUSD is currently around 30% higher year-to-date.

Technical Analysis – GBPJPY consolidates as latest rebound falters

GBPJPY has been trending downwards after recording a fresh seven-year high of 172.10 in early November. In the short-term, the pair is trading without a clear direction, with its latest attempt for recovery being repeatedly held down by the 161.

Technical Analysis – AUDUSD boosts monthly gains; August’s top in focus

AUDUSD is set for its third monthly gain, having been trading bullish almost every single week since the slump to a 30-month low of 0.

EURAUD has lost ground around 2.6% over the last five days, standing well below the medium-term uptrend line.

Busy Japanese calendar next week, but yen's performance in the hands of the Fed - Forex News Preview

Amidst the most important week yet in 2023, we get a plethora of Japanese data. With its next meeting scheduled in March, the BoJ can sit back and watch developments.

Meta Q4 Earnings: Ad segment and Metaverse take centre stage – Stock Market News

Facebook’s parent company, Meta Platforms Inc, is set to unveil its Q4 financial figures on Wednesday, February 1, after Wall Street’s closing bell.

Intel stock settled yesterday at 29.64, just below the recent high of 31.27. It has been a brutal 18-month period for the stock until the bulls finally managed to stage strong support at the 24.

Technical Analysis – Visa stock remains bullish ahead of earnings

Visa stock is experiencing some gains above 220.00 support level and is moving towards the nine-month high of 226.

Daily Market Comment – Dollar slides ahead of US GDP data, BoC signals likely pause

Dollar continues to slide on Fed pivot bets US GDP numbers for Q4 enter the limelight More ECB hawks flap their wings Loonie slides as BoC says it will likely stop raising rates BoC pause adds to bets that the Fed will follow suit The US dollar traded lower against all but two of the other major currencies on Wednesday, with the exceptions being the Canadian and New Zealand dollars.

Technical Analysis – USDJPY trapped within bearish area; support at 129

USDJPY faced another rejection at the topline of the four-month-old downward-sloping channel near 131.11, increasing speculation that a new selling wave could start in the short term.

Technical Analysis – WTI oil futures consolidate above 50-day SMA

WTI oil futures (March delivery) have been stuck in a prolonged downtrend since June, generating a fresh one year-low of 70.

US debt ceiling matters this time, here’s why

Another debt ceiling crisis is brewing in the United States. Past episodes were met with apathy from investors - everyone knows this is mostly political theater, and a solution will ultimately be reached.

Technical Analysis – Tesla’s pickup takes a breather ahead of earnings

Tesla’s stock switched into gains in January after its downtrend halted at a 27-month low of 101.00. Although the stock is trading far below its 2021 record high, and a trend reversal could be a long way away, the clear pickup above the 50-period simple moving average (SMA) in the four-hour chart, which was the first since August, is promoting a continuation higher.

Boeing stock settled yesterday at 211.6, just below the recent high of 216.33. This recent small pullback could be perceived as positive by the stock bulls considering the aggressive move the stock has recorded since October 3, when it traded at 120.

Daily Market Comment – US business activity shrinks, BoC decision up next

US continues to contract while Eurozone returns to growth Aussie gains on accelerating inflation BoC expected to deliver one last hike Wall Street ends mixed, awaits more earnings results PMIs confirm divergence between ECB and Fed interest rate bets Although euro traders were not overly impressed by yesterday’s preliminary PMI data suggesting that the Eurozone returned to growth in January, the contrast to the US numbers that came out later in the day may have allowed euro/dollar to stay in uptrend mode.

Technical Analysis – USDCAD bears seek dominance as BoC rate decision looms

USDCAD has been moving sideways over the past two weeks, building a floor around 1.3370, but the bears seem determined to lead their market on their own way ahead of the BoC rate decision today at 15:00 GMT.

Technical analysis – NZDUSD faces tough challenge near 7-month high

NZDUSD had experienced a steep downtrend in 2022, posting a 31-month low of 0.5510 in early October. However, the pair has staged a substantial rebound since then, which seems to be running out of steam slightly below the recent seven-month high of 0.

EURGBP is recording the fifth straight green day, following the rebound off the 0.8720 support and the 50-day simple moving average (SMA).

Voting rotation, hawkishness and the next ECB meeting in sight

The ECB prepares to hold its first rate-setting meeting for 2023 on February 2. The market is almost certain that another 50 bps rate hike will be announced next week.



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