This week, the largest banks in the US kicked off the earnings season on Wall Street. Expectations were already high, yet megabanks like JPMorgan and Wells Fargo managed to surpass them. If the results continue to be positive across other sectors, it could fuel market gains in the coming weeks. Hence, it is worth closely observing market reactions to subsequent financial reports. In addition to the S&P 500 (US500), it is worth monitoring the USDJPY and cryptocurrency markets.
US500
If the earnings season proves to be as positive a surprise as its beginning, both the S&P 500 (US500) and Nasdaq (US100) could experience significant gains. Banks such as JPMorgan and Wells Fargo reported notably higher earnings. The EPS figures stood at $4.75 (expected $3.83) and $1.25 (expected $1.16), respectively. The significant improvement in bank results can be understandable taking into account high interest rates. However, now the main focus will be shifted towards the earnings of companies from other sectors. Combined with optimism following low inflation readings, the S&P 500 may continue its strong upward trend.
USDJPY
The Japanese yen has recently been one of the strongest currencies among developed countries. Gains in the currency are supported by concerns about intervention by the Bank of Japan (BoJ), which has become a possibility once again if the USDJPY rate exceeds 145. Next week, Japan's Consumer Price Index (CPI) inflation data will be released and if it surprises on the upside, it could sustain the yen's strengthening. Last Friday, Hideo Hayakawa, former chief economist and director of the Bank of Japan, admitted that he expects adjustments to the BoJ's yield curve control program in response to higher-than-expected inflation, and the Bank of Japan may raise its inflation forecast for 2023 above 2%.
Bitcoin
Bitcoin's volatility remains high following Ripple's legal victory against the SEC. Market sentiment is exceptionally positive, especially considering the growing chances of Bitcoin spot ETF approvals. However, a successful legal case can quickly change market sentiment. It should be noted that in Judge Analisa Torres' ruling, she stated that selling tokens to investors, including VC funds outside of exchanges before the ICO, should be considered the sale of securities. In this case, the risk of the SEC appealing the court's decision is likely. This further extends the SEC vs. Ripple case, leaving uncertainty regarding legislative clarity unresolved.
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