The Euro Is Doing Well, Fed Expectations Become Alarmingly Soft
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Trading in the US was eventless, except for the wild moves that marked the opening bell at the NYSE.
S&P500
The S&P500 swung around the 4000, without any major moves up or down, as investors remained undecided faced with mixed company earnings, and mixed economic data.
Microsoft
Microsoft announced better-than-expected results yesterday, but the 5% rally in the afterhours trading rapidly faded. Tesla is due to announce its earnings today.
Forex
In the FX, the US dollar remains under the pressure of soft data, and worryingly softening Fed expectations.
The EURUSD is testing the 1.09 resistance on encouraging PMI data, while sterling is softer on growing slowdown worries.
Bank of Canada
In Canada, the Bank of Canada (BoC) is preparing to announce its final 25bp hike. The dollar-CAD puts increasing weight into clearing the 1.3350 support, but crude oil is not helping, as the price of a barrel of American crude continues bumping its head against the solid $82pb wall, the 100-DMA, without being able to break it to the upside.
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Watch the full episode to find out more!
- 0:00 Intro
- 0:38 S&P500 flat around 4000
- 1:55 Fed expectations become alarmingly soft
- 2:55 Microsoft earnings may not boost sentiment in S&P500
- 4:43 Tesla earnings due after the bell
- 6:26 US softer, euro stronger
- 7:29 Deteriorating UK outlook is not a concern for FTSE 100
- 8:48 BoC to announce a final 25bp hike
- 9:00 Crude oil: $82pb resistance too strong to clear…
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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