NAGA Weekly Recap October 30 - 2023 – November 3 - 2023

As anticipation built around the decisions of central banks, the financial world was on edge. This week, we witnessed the US Federal Reserve and the Bank of England take a bold stance, maintaining their key interest rates, which led to a remarkable surge across various market sectors. Join us as we delve into the pivotal events that have shaped market trends.

Steady interest rates trigger a market surge

In a closely watched meeting this week, the US Federal Reserve and the Bank of England made the pivotal decision to keep their key interest rates unchanged at 5.50% and 5.25%, respectively. Contrary to the expectations of a hike, this move sent ripples across financial markets, triggering notable volatility. The tech-centric Nasdaq experienced a notable uplift, jumping over 1.1%, reflecting investor optimism in growth-sensitive sectors.

Similarly, broader market indicators saw a surge, with the S&P 500 climbing about 1%, and the Dow Jones closely following with a 0.9% increase. In the currency markets, the GBP/USD pair sustained its rally, touching near 1.2200, as traders digested the Bank of England's decision to hit the pause button on rate hikes assertively.

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AMD beats earnings estimates, misses Q4 guidance

Qualcomm ($QCOM), the renowned chip designer, has provided an optimistic sales and profit forecast for the first quarter, surpassing Wall Street's expectations. This positive outlook is attributed to alleviating the global smartphone sales downturn, particularly in China, and bolstered further by a renewed agreement with tech giant Apple ($AAPL).

Based in San Diego, California, Qualcomm has projected its revenue for the upcoming quarter to be between $9.1 billion and $9.9 billion. Moreover, the company's forecast for adjusted earnings ranges from $2.25 to $2.45 per share, overtaking the predicted $2.23.

In response to this upbeat forecast, Qualcomm's shares experienced a 3.4% uptick following the release of the results.

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Gold retreats below $1,990 despite falling US yields

Gold retraced gains after an initial surge above $1,990, in light of the 10-year US Treasury yield dipping below 4.7%. Despite shedding some of its earlier gains, $XAUUSD remains above the $1,980 support level.

The metal saw notable volatility, approaching $2,000 on Wednesday before the Federal Reserve's policy announcement. The Fed's decision to keep rates steady between 5.25%-5.50% reversed some of Gold's gains, with the price testing near $1,970 amidst a mixed market reaction.

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GBP/USD holds gains near 1.2200 after the hawkish BoE pause

The British Pound to US Dollar ($GBPUSD) exchange rate displayed a whirlwind of activity, securing a bullish stance on Wednesday after initially tumbling below the 1.2100 threshold earlier in the day. The momentum seemed to carry the pair towards the 1.2200 mark on Thursday. Yet, the ascent stalled as caution gripped investors hesitant to commit to sizeable positions ahead of the Bank of England's impending monetary policy disclosure.

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This concludes our weekly recap. Have a great weekend and see you next week! 👋