Market Insights: U.S. Stocks Surge, Forex Moves, and Bitcoin ETF Approvals - January 11, 2024
Sommario：Analyzing Wednesday's Market Performance, Forex Trends, and SEC's Impact on Bitcoin
DAILY MARKET NEWSLETTER
January 11, 2024
MARKET WRAP
STOCKS, BONDS, COMMODITIES
On Wednesday, U.S. stocks closed higher, with the Dow Jones Industrial Average rising 170 points (+0.45%) to 37,695, the S&P 500 up 26 points (+0.57%) to 4,783, and the Nasdaq 100 up 114 points (+0.69%) to 16,793.
Winning Sectors: Retailing (+1.59%), software & services (+1.56%), and media (+1.32%).
Losing Sectors: Energy (-1.01%) and food, beverage & tobacco (-0.63%).
Notable stock movements:
Winners: Nvidia (NVDA) +2.28%, Meta Platforms (META) +3.65%, Intuitive Surgical (ISRG) +10.25%.
Other Gains: Microsoft (MSFT) +1.86%, Apple (AAPL) +0.57%.
Corporate News: Hewlett Packard Enterprise (HPE) to acquire Juniper Networks (JNPR) for $14 billion. HPE +1.80%, JNPR +2.12%.
In Europe, both the DAX 40 and the CAC 40 were little changed, while the FTSE 100 declined 0.42%.
U.S. WTI crude oil futures dropped $0.95 (-1.32%) to $71.29 a barrel, and gold retreated $6 to $2,023 an ounce.
MARKET WRAP: FOREX
The U.S. dollar index eased to 102.38.
EUR/USD: Rose 37 pips to 1.0968. France's industrial production grew 0.5% on month in November.
USD/JPY: Climbed 131 pips (+0.91%) to 145.78.
GBP/USD: Added 31 pips to 1.2736.
AUD/USD: Rose 16 pips (+0.24%) to 0.6698. Australia's inflation rate slowed to 4.3% on year in November.
This morning, Australia's data showed that the trade surplus widened to A$11.44 billion in November, with exports growing 1.7% on month.
USD/CHF: Dropped 15 pips to 0.8507.
USD/CAD: Was down 13 pips to 1.3376.
As widely expected, the U.S. Securities and Exchange Commission (SEC) eventually announced approvals for spot Bitcoin exchange-traded funds (ETFs). 11 spot Bitcoin ETFs, including those of BlackRock, Fidelity, and Grayscale, will start trading on Thursday (January 11). Bitcoin climbed towards $47,000 after the SEC's announcement.
Currency Pair | Intraday Outlook | Pivot Point | Preference (Above Pivot) | Preference (Below Pivot) | Comment |
GBP/USD | Further advance | 1.2725 | Long positions with targets at 1.2785 & 1.2810 | Further downside with targets at 1.2700 & 1.2680 | RSI is bullish, indicating further advance |
USD/JPY | Caution | 145.10 | Long positions with targets at 146.00 & 146.40 | Further downside with targets at 144.70 & 144.30 | Intraday technical indicators are mixed, calling for caution |
EUR/USD | Further upside | 1.0950 | Long positions with targets at 1.1000 & 1.1020 | Further downside with targets at 1.0930 & 1.0915 | RSI is bullish, indicating further upside |
Dow Jones (CME)(H4) | Intraday support around 37790.00 | 37790.00 | Long positions with targets at 38030.00 & 38110.00 | Further downside with targets at 37700.00 & 37610.00 | The next resistances are at 38030.00 and 38110.00 |
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