Q3 24 earnings for Nvidia (Nasdaq; ticker: NVDA) – a leader in the artificial intelligence (AI) chip and data centre solutions market – and the company’s Q4 forward guidance will be released after the market closes today. Over the past two years, Nvidia's performance has been nothing short of remarkable, resulting in substantial growth in both share price and...
Canadian CPI Inflation Accelerates in October; Boc Still Likely to Cut Rates
Policymakers ‘may’ think twice about reducing the overnight rate by another 50 basis points (bps) next month following inflation accelerating to the upside. I emphasise the word ‘may’ here.
According to the October CPI inflation report (Consumer Price Index) released by Statistics...
Upcoming Earnings
The Nvidia Corporation (ticker: NVDA) is scheduled to report earnings after the market closes tomorrow. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending October 2024 is US$0.70; the reported EPS for the same quarter a year prior was US$0.38.
Trend Favouring Dip Buying
Ahead of the company’s earnings report...
Where do I start?
Irrespective of your opinions regarding Donald Trump, his recent election win and resounding defeat for the Democrats will unquestionably go down in history. Not only did the Republicans bag a clean sweep of all seven swing states, they secured a majority in Congress – winning both the House of Representatives and the Senate. In political...
Why the sudden surge in demand for Bitcoin and many other major Digital Currencies?
Trump Trade
In addition to institutional demand, the US Federal Reserve’s rate reductions (and forecasts of further policy easing), I am largely putting the latest rally down to Donald Trump’s election win.
Trump’s pro-business stance and promises of tax cuts and...
7:00 am GMT tomorrow welcomes UK employment data for September.
Expectations heading into the event show economists forecast regular pay (excludes bonuses) to have fallen to 4.7% in the three months to September (y/y) from August’s reading of 4.9% (maximum and minimum estimate range between 4.8% and 4.6%), while pay that includes bonuses is expected to have...
Upcoming Earnings
Airbnb Inc. (ticker: ABNB) is scheduled to report earnings after the market closes today. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending September 2024 is US$2.17. The reported EPS for the same quarter a year prior was US$2.39.
200-Day SMA Ahead
Airbnb has been rallying since putting in a bottom at...
Market watchers and investors are preparing for one of the most significant weeks of the year: the United States (US) presidential election takes place tomorrow, and the Federal Reserve (Fed) will announce its interest rate decision on Thursday. Both events could significantly impact global markets, potentially influencing currencies, equities, bonds, and...
Upcoming Earnings
Alphabet Inc. (ticker: GOOGL) is scheduled to report earnings before the market opens on 29 October. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending September 2024 is US$1.83. The reported EPS for the same quarter a year prior was US$1.55.
Inverted Head and Shoulders Pattern Eyed
The Ichimoku Cloud (formed...
Voters in the United States (US) head to the polls on 5 November to elect their next president. The 60th US Presidential election is shaping up to be a tightly contested race between Kamala Harris and Donald Trump, with current polls unable to point to a clear-cut winner. In the midst of ongoing campaign efforts, Gold has remained a clear outperformer, garnering...
After the price of WTI oil rose to highs of US$78.42 on 8 October and shaped an ‘alternate’ AB=CD bearish formation at US$77.68 (a 1.618% Fibonacci projection ratio that was bolstered by the 200-day simple moving average at US$77.40 and a 61.8% Fibonacci retracement ratio at US$77.21), the subsequent response has established an equal AB=CD bullish formation at...
As widely expected by markets and economists, the European Central Bank (ECB) reduced all three key benchmark rates by 25 basis points (bps) today amid easing inflationary pressures. This places the deposit facility rate, the main refinancing rate and the marginal lending facility rate at 3.25%, 3.40% and 3.65%, respectively. It also marks the central bank’s third...
According to a report released by the Office for National Statistics (ONS) this morning, UK inflationary pressures in September eased across all key indicators. This, of course, will be welcomed news for the Chancellor of the Exchequer, Rachel Reeves, as she prepares to deliver her first Annual Budget at the end of the month.
CPI Inflation Dips Below BoE...
Month to date, the USD/CAD currency pair (US dollar versus the Canadian dollar) is up 2.0% and testing monthly highs.
Monthly Price Action Suggests Further Upside Ahead
The monthly timeframe exhibits scope to explore higher terrain until reaching resistance at C$1.3945, following a rebound from a support zone around C$1.3534. Technically, the pair has been...
With the sell-off in US Treasuries, spot gold has taken a back seat versus the US dollar (XAU/USD) from recently printed record highs (US$2,685) and is establishing a picture-perfect AB=CD correction on the daily scale.
Daily ‘Alternate’ AB=CD Support
For any harmonic traders reading, you will likely note that the daily AB=CD in focus represents an...
Versus the Japanese yen (JPY), the US dollar (USD) is exploring terrain within the Ichimoku Cloud (formed by the Leading Span A at ¥160.10 and the Leading Span B at ¥161.18). As you can see, sellers have recently displayed interest in the area despite not establishing much presence.
Technical Confluence Demands Attention
Overhead, the 200-day simple...
Overnight, the Reserve Bank of New Zealand (RBNZ) reduced its Official Cash Rate (OCR) by 50 basis points (bps) and signalled further policy easing is on the table amid softening inflation. This leaves the current OCR at 4.75%.
Cuts Ahead
The accompanying Rate Statement communicated that the current economic landscape provides scope to reduce rates further....
Upcoming Earnings:
JP Morgan Chase & Co. (ticker: JPM) is scheduled to report earnings before the market opens on 11 October. The consensus earnings per share (EPS) estimate for the fiscal quarter ending September 2024 is US$4.04. The reported EPS for the same quarter a year prior was US$4.33.
Upside Strength; Price Rebounding from Ichimoku Cloud
Basic...
