Author: FX
© Reuters. Investing.com – US stock futures were trading lower during Wednesday’s evening deals, as major US indices continued to sell off throughout the regular session amid a slew of corporate earnings results. By 6:30 pm ET (10:30 pm GMT) lost 0.1%, dipped 0.4% and fell 0.8%. Stay ahead of the curve this earnings season with InvestingPro! In extended deals, Meta Platforms (NASDAQ:) lost 2.8% after the company Q3 EPS of $4.39 versus $3.64 expected. Revenues were reported at $34.15 billion versus $33.57 billion expected. Meta Platforms also forecasted Q4 2023 revenue in the range of $36.5-40 billion versus $36.64…
EUR/USD, AUD/USD OUTLOOK:Traders will closely watch U.S. GDP data on ThursdayThe U.S. economy is forecast to have grown by 4.3% in the third quarterStrong economic activity numbers could boost the U.S. dollar, sending both EUR/USD and AUD/USD sharply lowerMost Read: USD/CAD Fails to Sustain Breakout after Bank of Canada Decision. What’s Next?The U.S. Bureau of Economic Analysis will release preliminary gross domestic product data on Thursday. The median estimate suggests that the American economy grew at an annualized pace of 4.3% in the third quarter, although several investment banks are forecasting a stronger expansion above 5.0% on solid personal consumption…
The various US markets took it on the chin today with the broader stock indices closing sharply lower on the day (led by the Nasdaq index with its 2nd worst trading day of the year).The NASDAQ index fell -2.43%. That was a worse day since February 21 when the index fell -2.51%. The index closed at 12821.21. The low price reached 12804.20. On the downside, the 38.2% retracement on the move up from the October 2022 low comes in at 12781.90. Just below that level is its 200-day moving average at 12767.16. Move below those levels in the new trading…
After a volatile couple of sessions, EUR/USD is back at a major area of interest on the charts, taking a breather ahead of potentially more volatility ahead. Is this an opportunity for breakout traders to grab some pips, or will the markets continue to chop around a strong area of interest for the rest of the week? EUR/USD 1-Hour Forex Chart by TradingView It’s been a bit of a wild ride for EUR/USD this week, first poppin’ higher like rocket on Monday, which was then brought quickly back to Earth the next day thanks to net negative Euro area sentiment.…
Share: GBP/USD prolonged its losses for two consecutive days after the pair reached a two-week high of 1.2288 but failed to crack the 1.2300 mark. Fundamental news and geopolitical risks weighed on the Pound Sterling (GBP). At the time of writing, the pair trades at 1.2116, down 0.35%. Read More… The Pound Sterling (GBP) delivers a breakdown as expectations of a mild recession in the United Kingdom economy have escalated. The GBP/USD pair falls back as higher borrowing costs by the Bank of England (BoE), a poor demand outlook, and deepening geopolitical tensions weigh. Read More… The GBP/USD pair stalls its…
S&P500 & NAS100 PRICE FORECAST:SPX Faces a Host of Challenges as Recovery Hopes are Dashed by Rising US Yields and Poor Tech Earnings.Google Parent Alphabet Fell as Much as 8.7% as it Missed Expectations for its Cloud Business as Microsoft Gained 2.3% as it Beat Estimates. Meta and IBM Reporting After Market Close.IG Client Sentiment Shows that Retail Traders are Long with 64% of Traders Currently Holding Long Positions on the S&P. Given the Contrarian View to Crowd Sentiment Adopted Here at DailyFX, is this a sign that the SPX may continue to fall?To Learn More About Price Action, Chart…
For the Q3 earnings season and going into the holiday season, Cowen said that Walmart (NYSE:WMT) and Ulta Beauty (NASDAQ:ULTA) are its top picks in the retail segment. Analyst Oliver Chen likes Walmart (WMT) over Target (TGT) as he expects that the gap in sales trends between between food/consumables and discretionary goods will continue as food inflation continues. He rates both stocks outperform. His price target for Walmart (WMT) is $185 (~13% upside based on Tuesday’s close), while it is $161 (~48% upside) for Target (TGT). Chen also prefers Ulta (ULTA) over Estee Lauder (EL) Ulta over stating that the…
© Reuters. In its recent Q2 earnings call, Logitech (NASDAQ:) International SA (NASDAQ:LOGI) reported better-than-expected results, despite facing challenges in Asia. The company also increased its full-year outlook for fiscal year 2024, forecasting revenue to fall between $4 billion and $4.15 billion. Key takeaways from the earnings call include:Logitech repurchased 1.2 million shares for $124 million, with $94 million paid in Q2 and the remaining balance to be paid in Q3.The company showcased its PRO line gaming products in a video presentation.Logitech plans to reduce channel inventory in Q4 and maintain operating expenses at around 25% or less of revenue.The…
It has been a rough road for the markets so far in Q4. The final quarter of the year has proven to be a challenging period for global financial markets. With lingering concerns over inflation, hawkish central bank stances, uncertainties in economic growth, and fiscal anxieties, both stocks and bonds have felt the strain. The recent escalation of tensions in the Middle East, particularly in the conflict between Israel and Hamas, has added another layer of complexity to an already volatile situation. As a result, market volatility metrics for both US stocks and bonds have soared, reflecting the apprehension of…
In this morning video on October 25, 2023, I kickstart the Forex trading day with a technical look at the EURUSD, USDJPY and GBPUSD. What are the biases, the risks, the targets for those three major currency pairs?EURUSD: The EURUSD rallied in the Asian session and was able to get above its 100-hour moving average in the process (currently at 1.06026). But fell short of a swing area we have been targeting at 1.0608 – 1.0616. The inability to extend above that swing area gave the sellers the go-ahead to push lower in the European session technically. The fall took…