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Welcome to this week's NAGA Recap, where we dive deep into the financial world's twists and turns! This edition covers the NASDAQ's first bullish trend in three years, Alibaba's decision to split into six business groups, and Bitcoin's resilient rally of over 17%.
So fasten your seatbelts, traders, and ride through this week's exciting financial events! 🎢
Investor confidence boosts the NASDAQ to a 7-month high
The NASDAQ has entered its first bullish trend in 3 years, driven by renewed investor confidence, AI trends, and tech sector layoffs.
But with a strong start to 2023, what do analysts predict for the year's second half? 🤔
Our comprehensive market analysis dives deep into the factors fueling the surge, from declining bond yields to earnings season anticipation.
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Alibaba shares soar 15% on news of major overhaul
Hong Kong-listed shares of Alibaba surged 15% after the company announced a significant overhaul to split the tech giant into six business groups.
On Wall Street overnight, Alibaba stocks soared to close 14.26% higher. They were 0.71% higher in after-hours trading.
The decision to split into different units means its own leadership and executive board will manage each and can pursue independent fundraising and IPOs when ready.
The company said the move aims to “unlock shareholder value.”
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Bitcoin has rallied more than 17% in the past two weeks
Bitcoin ($BTC/USD) has demonstrated resilience in the past two weeks despite facing regulatory challenges, as its price surged by over 17%. This suggests that the asset may be in the early stages of a bull market.
On Thursday, March 30, the price briefly surpassed $29,000 before settling at around $28,500, while other major tokens like ether (ETH) and XRP experienced a pause in their multiday rally, falling over 24 hours.
According to on-chain data, some traders and holders of large amounts of tokens, colloquially known as whales, are taking profits after weeks of gains. This may contribute to a decline in the near future.
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Goldman Sachs raises $EUR/USD forecasts to 1.0500
Goldman Sachs analysts have increased their 3- and 6-month $EUR/USD forecasts to 1.0500, up from the previous 1.0200. This change comes in response to the recent decline in the US growth outlook and a less favorable tightening mix for the US Dollar.
While the analysts have adjusted their short-term forecasts, they maintain their 12-month prediction at 1.10. The rationale behind this decision is that limited economic slack and rising recession risks will counteract any substantial US Dollar downside.
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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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