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This week, we're excited to dive into the ongoing mixed earnings reporting season, where we've seen a mix of positive and negative results from some of the biggest companies in the world. Additionally, we'll be taking a look at the generally upbeat US GDP data 🇺🇸
This is a critical time for investors and traders, and we invite you to join us as we navigate through these turbulent waters 🌊
So, take a look at our review and stay ahead of the game 🚀
US Advance GDP surges 2.9% — higher than expected!
The US economy may be in better shape than previously thought, as the latest figures from the US Bureau of Economic Analysis (BEA) show a 2.9% year-over-year increase in the Advance GDP for Q4. This exceeds analysts' predictions of a 2.6% growth. However, this is still below the previous period's figure of 3.2%.
The positive GDP results are reflected in the currency market with the US Dollar Index (DXY) rising after the data release. Additionally, equities also responded positively to the news with the NASDAQ ($NAS100), Dow Jones ($DOW30), and S&P500 ($SPX500) all gaining.
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Tesla shares rose more than 10% after an excellent financial report
Shares of Tesla ($TSLA) rose more than 9% on Thursday, a day after the EV maker reported fourth-quarter profit above expectations and said demand for its cars continued to be high. Tesla jumped on the track for its highest close since December 15, when it closed at $157.67, and on pace for its largest one-day percentage increase since July 21, 2022.
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Gold prices hold steady near nine-month peak
Gold prices remained unchanged, near a nine-month peak near $1,925, on the expectations of slower interest rate hikes from the US Federal Reserve.
Investors expect the Fed to raise rates by 25 basis points (bps) at its policy meeting next week. Lower rates translate into lesser returns on interest-bearing assets like government bonds, which may make investors prefer safe-haven assets such as gold.
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EUR/USD bears eye 1.0850 support as US Dollar traces yields
The EUR/USD is continuing to decline for a second day, as the US Dollar stabilizes after recent losses before the Federal Reserve's key inflation data is released on Friday. The Euro pair has hit a new low of around 1.0880 and is continuing to fall from its recent high in April 2022.
The market focus, however, will remain glued to the key central bank event risks next week. The Fed will announce its policy decision at the end of a two-day meeting on Wednesday. This will be followed by the ECB monetary policy meeting on Thursday, which, in turn, will play a key role in determining the next leg of a directional move for the EUR/USD pair.
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This concludes our weekly recap. Have a great weekend and see you next week! 👋
IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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