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BOE unchanged as expected, 5-4 vote, rate cut risk, GBPUSD down (watch 1.3550)
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Newsquawk Daily US Opening News
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GBPUSD UPDATE
- It is hard to say whether the GBP sell-off is defense ahead of the BOE meeting, politics or simply selling winners to cover margins or losses elsewhere (note the firmer EURGBP).
- In any case, GBPUSD downtrend has taken over again and needs at least to regain old support above 1.3623 to ease the risk to 1.35 and below.
GBPUSD 4 HOUR CHART
XAUUSD (GOLD) UPDATE
- Trying to fine tune chart levels when intra-day swings can exceed 5% is a leap of faith until volatility settles down.
- What the chart shows is that moves outside of 4800-5000 have so far not followed through.
- Intra-day range 5023 => 4789, Wide range is 4402-5112
- Stick with short-term charets and watch your leverage.
XAUUSD 1 HOUR CHART
Forex Market Snapshot
- The dollar is trading firmer ahead of key events today with one eye on the risk mood set by (weaker) stocks.
- EURUSD has extended its pivot around 1.18 .to 4 days in a row, currently below it but lagging a weaker GBP.
- USDJPY has edged up further ahead of the Feb 8 snap elections where the LDP party is forecast to score a big win.
- GBP is trading weaker, including vs the EUR ahead of expected no change in rates by the ECB (solid hold) and the BoE (closer call, split vote).
- US data due; weekly jobless claims
- President Trump to make an announcement at 10 AM EST
Alert
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February 4 Earnings Releases
Several highly anticipated stocks reported earnings today. Among them, Qualcomm was the day’s biggest loser, while Adient emerged as the top winner.
Qualcomm reported Q1 2026 revenue of $12.25 billion, up 5% year over year and above expectations. However, its Q2 revenue guidance of $10.2 billion to $11 billion fell short of forecasts, triggering a 9% stock drop.Adient shares jumped 13% to $23.77 after the company raised its outlook. The automotive seating maker now expects 2026 revenue of about $14.6 billion, up from a prior estimate of $14.4 billion, and lifted its adjusted EBITDA forecast to roughly $880 million from $845 million.
Newsquawk US Market Wrap Part 2
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Newsquawk US Market Wrap Part 1
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US500 (SP500) UPDATE
Shaken but not broken.
- Retreat from 7003 stopped dead on at 6839 to form a double bottom to maintain the current range.
- However, with 7000 capping the upside, the onus is on the bull side to at least establish above 6900 to keep thoughts away from the downside. 6941+ is needed to negate the risk.
- Otherwise, expect choppy consolidation trade while within 6839-7003
US500 4 HOUR CHART
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