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How Will AeroVironment's $990M U.S. Army Contract Impact Its StoAeroVironment's stock surged after securing a $990 million U.S. Army contract for its Switchblade drones, boosting investor confidence. The deal, aimed at enhancing infantry capabilities, will run through 2029. Following the announcement, analysts from Baird and Alembic Global upgraded AeroVironment's rating, setting new price targets of $220 and $216 respectively. The Switchblade contract is expected to add significant revenue, providing strong visibility for the company's future growth.
NASDAQ:AVAVLong
by signalmastermind
EUR/USD - Euro gains ground as investor confidence improvesThe Eurozone economy continues to recover, but there is plenty of work ahead. The Sentix Investor Confidence index improved to -8.7 in April, above the March read of -11.1 and better than the estimate of -11.7 points. The concerns over an energy crisis in Europe this winter failed to materialize and Germany and the rest of the eurozone came out of the winter better than many had expected, given the weak global economy and the Russia-Ukraine war. Still, the economic outlook remains pessimistic, as Sentix Investor Expectations remain negative in both Germany and the eurozone, at -13 and -11.5, respectively. Still, the markets were pleased with the slight improvement in investor confidence and the euro has responded with gains of around 0.60%. Eurozone retail sales slipped to -0.8% in February, matching the forecast but contracting after an upwardly revised 0.8% gain in January. Consumers are struggling with high inflation, rising interest rates and uncertain economic conditions and are keeping a tight grip on their wallets and purses. The ECB meets next on May 4th and all indications are that it will deliver another oversize rate hike. The central bank has been aggressive, raising rates by 50 and 75 basis points in recent months. The ECB was very slow to join the rate-hiking party and the benchmark rate is only 3.50%, compared to 4.25% for the Bank of England and 5.00% for the Federal Reserve. Inflation in the eurozone has proven to be a tougher foe than expected, and core inflation surprised by accelerating in February. The US releases the March inflation report on Wednesday. Inflation has been falling, albeit at a slower pace than the Fed had expected. This has necessitated additional rate hikes, with a 25-bp increase expected at the May meeting. Headline inflation is expected to fall to 5.4% in March, down from 6% in February. The core rate is projected to inch higher to 5.6%, up from 5.5%. EUR/USD is testing support at 1.0889. Below, there is support at 1.0804 There is resistance at 1.0989 and 1.1074
by OANDA
Euro dips as 0.75% ECB hike in questionEUR/USD slipped to a new 20-year low earlier today, falling to 0.9864. Currently, the euro is trading at 0.9910, down 0.20%. Eurozone government yields fell sharply today on reports that the ECB may decide to scale down an expected 75 basis point hike on Thursday. This has pushed the euro to a new 20-year low earlier today, as the currency remains under pressure. There have been broad expectations that the ECB, which has been lagging behind most central banks in tightening policy, would deliver a 0.75% rate hike, but apparently, ECB policy makers may be looking at scaling the hike to just 0.60%. The markets are currently pricing in a 67% chance of a 75bp move, sharply lower than the almost 90% likelihood earlier today. We could see the pricing continue to fluctuate as we get closer to the meeting, with investors looking for clues as to how high the ECB will hike. High inflation isn't going anywhere, and the ECB will need to drastically tighten if interest rates are to curb inflation. At the same time, the eurozone economy is weak, and the German locomotive has also slowed down. If the ECB raises rates too aggressively, the economy could tip into a recession. Germany Factory Orders for July, released today, served as a grim reminder that the manufacturing sector remains in trouble. The reading of -13.6% YoY follows a decline of 9.0% in June (-6.0% est). In the eurozone, economic releases are sounding the alarm. PMIs are indicating contraction in manufacturing and business activity, retail sales are down and investor confidence remains mired deep in negative territory. With no indication that things will improve anytime soon, the euro could continue to lose ground. EUR/USD is testing resistance at 0.9984. The next resistance line is 1.0056 There is support at 0.9888 and 0.9816
by OANDA
Euro edges higher despite soft confidence dataThe euro has started the week in positive territory. In the North American session, EUR/USD is trading at 1.0217, up 0.36% on the day. The week wrapped up with a superb nonfarm payroll report, which sent the US dollar broadly higher. However, the gains proved to be short-lived, as the euro has recovered most of Friday's losses. The July nonfarm payroll report posted a blowout gain of 528 thousand, crushing the estimate of 250 thousand, and improving on the solid June release of 398 thousand. Unemployment ticked down to 3.5% from 3.6%, and wage growth remained unchanged at 5.2%, ahead of the forecast of 4.9%. The nonfarm payroll release was certainly impressive, but the Federal Reserve may be less than enthusiastic. Why? Since the data points to a tight labor market, especially the sharp gain in wages, as firms continue to experience labor shortages and must sweeten their compensation in order to attract employees. At 5.2%, wage growth is far higher than the Fed's inflation target of 2%, and Fed policy makers are concerned about a wage-price spiral which could increase inflationary pressures and force the Fed to remain hawkish. Fed officials were already pushing back against the idea that the rate-hike cycle was almost over, and with the latest employment numbers, the Fed may feel the need to remain aggressive and respond with another supersize 0.75% increase at the next policy meeting in September. Fed Chair Powell has said that the Fed will be data-dependent as it considers its next move, which means that upcoming inflation and employment reports will be crucial and carefully monitored by the markets and Fed officials. The eurozone could well face a recession, as Germany, the bellwether of the bloc, has posted weak data which is raising concerns. With a possible energy shortage this winter due if Russia decides to turn off the tap, the economic outlook is troubling. Unsurprisingly, German and eurozone confidence indicators have been pointing downwards, a reflection of uncertainty and pessimism. Earlier today, Eurozone Sentix Investor Confidence for August came in at -25.2, a bit better than the July reading of -26.4 but shy of the estimate of -24.7. This indicator has been mired in negative territory for a sixth straight month, pointing to prolonged pessimism amongst financial experts. EUR/USD is testing resistance at 1.0199. Above, there is resistance at 1.0274 There is support at 1.0103 and 1.0028
by OANDA