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AUDUSD(4HR)
The Australian dollar increased to around $0.713, retrying to reach its highest level since early August 2022 which was achieved recently 2 weeks ago, amid mounting bets of another rate hike. However, pressure from the downside still remains from the recent high around 0.7145 and the pair still continues to trade between the channels.
Attention now turns to the final reading of manufacturing PMI and GDP figures due next week, on March 5, for further clues on the country’s economic momentum.
US500 (SP500) UPDATE
- 6974 proving to be a formidable obstacle, leaving US500 consolidating within its broad 6774-7014 range.
- On the downside, needs to hold above yesterday’s 6017 breakout level to avoid negating the move but it would take a break of 6880 to turn the risk the other way.
US500 4 HOUR CHART
February 25 Post-Market Earnings Release Stocks
(NVDA) Nvidia’s Q4 revenue hit $68.1 billion, up 73% year-over-year, with adjusted EPS at $1.62. Data center revenue was $62.3 billion, and Q1 guidance is $78 billion.
(TTD) The Trade Desk’s board approved an extra $350 million for share buybacks, increasing the total to $500 million, as the stock fell over 70% in the past year due to slow growth.
(IONQ) IONQ Inc reported a quarterly adjusted loss of 20 cents per share, an improvement from a 93-cent loss last year, beating analysts’ expectations of a 33-cent loss.
FX option expiries for 26 February 10am New York cut
EUR/USD lined up in between the 1.1800 to 1.1825 level. Given the lack of key catalysts in the session ahead, the expiries could act as bookends for price action in European morning trade. That especially now that we’re seeing price nudge back just above the 1.1800 mark on the day.
US PRE-MARKET MOVERS: NVDA, CRM, SNOW, NTNX, ZM, TTD, AMZN, SJM, JHG
Forex Market Snapshot
- Â The dollar is trading a touch firmer after early selling failed to follow through.
- Â Some pressure has come off the JPY after BoJ Governor left the door open for a rate hike (scroll below for details in real-time post from yesterday). This has seen the JPY outperform but similar to others, is well off its overnight high vs. the USD.
- EURUSD is back to 1.18 as it is still unable to shake a focus from this pivotal level.
- GBP is a modest underperformer but GBPUSD remains above 1.35.
- Light US calendar today: Weekly jobless claims. Key focus is on US-Iran talks.
US-Iran risk is irreconciable differences or who will blink first
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