Financial Updates

Market Overview

Walmart's earnings report is expected next week.

The S&P 500's overall earnings growth is now projected at 7.8% year-over-year, based on data from 424 of the S&P 500 companies as of Tuesday and estimates for the remaining companies, according to LSEG. This marks an increase from the previously estimated growth of 7.1% as of Friday.

“It's a quiet day, with major averages flat and some profit-taking,” noted Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. “The focus remains on the Fed, but it's evident that little is happening anytime soon.”

Regarding inflation in the US economy, the Federal Reserve remains silent as it awaits data releases.

Analysts maintain their confidence that inflation will decrease but question the possibility of a rate cut this year: “It's not that we don't believe that inflation will decrease. However, given that we have seen three consecutive high-side prints on inflation, we are skeptical that the Fed will be reassured by low inflation quickly,” said Thierry Wizman, global FX and interest rates strategist at Macquarie in New York. “It will likely take more than one or even two prints of low inflation before the Fed feels comfortable. This suggests that there may not be enough time this year to implement two rate cuts.”

In terms of market insights:

GOLD: Gold closed negatively yesterday, fluctuating between 2332.174 and 2295.536. We await a breakout in price before making any market predictions, but current price placements suggest a gathering of orders.

SILVER:Silver is at a favorable level, with a potential SHS formation visible on a larger timeframe. While more orders are being collected, a break beyond 27.552 is needed to indicate continuation.

DXY:The dollar is undergoing a corrective pullback from an aggressive downward push. Market predictions are being withheld until significant structural breaks occur. Presently, the price range is between 105.840 and 105.071, with another break below potentially testing 104.607.

GBPUSD:GBPUSD continues to be supported by its daily range and respects its top-side structure. Further action awaits, as little has occurred aside from a negative candle print on the daily chart.

AUDUSD: AUDUSD is undergoing a corrective pullback from 0.66145 following its aggressive push. Bullish structures remain respected, and we await price movements accordingly.

NZDUSD: The price remains above 0.59796, indicating the potential for order collection to continue pushing prices upward.

EURUSD:EUR remains respectful of its bullish structure, currently undergoing a corrective move. We await price movements to align accordingly.

USDJPY: There are minor upward movements for USDJPY overnight. Caution is advised as government intervention may occur unexpectedly.

USDCHF: USDCHF has gained some strength, with the potential for price testing the bottom of the range or experiencing a sudden downward push. We await further price movements.

USDCAD:While USDCAD maintains its bearish structure, the unexpected upside push has surprised many. We await further price movements beyond 1.37881 or below 1.36563 before determining a general direction. However, the market is still perceived as bearish.