Daily summary: EURUSD surges 0,5%, Nasdaq100 leads gains on Wall Street

8:58 pm 23 April 2024

  • Sentiments in the European session were positive today. Germany's DAX gained more than 1.5%, with the CAC40 up 0.8%. The British FTSE fared slightly less well, rising 0.2%.
  • The beneficiary of improved sentiment in global markets today was the Eurodollar. EURUSD gained nearly 0.5% and is traded above 1.07
  • Tuesday's session on Wall Street brings gains in the major stock market indices. Nasdaq (US100) futures are gaining more than 1.6%, the Dow Jones (US30) is trading up 0.6%, and the S&P 500 (US500) is up more than 1.1% on the rebound. Investors are now waiting for Tesla and Visa results, following the US session.
  • The dollar index (USDIDX) is trading more than 0.4% down. Pressure on the dollar was reinforced by weaker-than-forecast flash S&P PMI data from the US economy 

US PMI Composite index: 50,9 

  • Forecasted value: 52 
  • Value for March: 52.1

US, Manufacturing PMI (preliminary data): 49,9

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  • Forecasted value: 52
  • Value for March: 51.9 

US PMI Services PMI: 50,9 

  • Forecasted value: 52
  • Value for March: 51.7
  • The Richmond Fed's regional index performed slightly better than forecasts, at -7 vs. -8 forecasts and -11 previously
  • U.S. new home sales growth came in well above forecasts; at 8.8% m/m vs. 1.1% forecasts. Yields on 10-year U.S. bonds fell to 4.59%, the lowest in two days.
  • Results from U.S. companies received a mixed reception today. PepsiCo is down 2.17% following the release of its report, while General Motors is up 5% and General Electric surges almost 7% after higher than expected Aerospace performance
  • Unconfirmed media reports suggest that Apple has begun work on producing its own AI processors, in partnership with TSMC (3 nm technology). Shares of China's smartphone market, however, fell 19.1% y/y in Q1 2024, according to Counterpoint Research
  • Wheat futures traded on the CBOT are trading up 2% today, climbing above the $600 per bushel level; WHEAT is headed for a third consecutive upward session. Wheat gains amid an expected Russian offensive, drought in the US and Russia, and slightly weaker-than-forecast winter crop quality
  • Brent Crude oil reverses initial 1% declines. As for now OIL rises 1%, closing the session at $88 per barrel. Cocoa is trading near 3% declines, but defends around $10,500 per tonne
  • Tesla shares are trading up more than 2% today. The company broke the news that it has built a new '3 Performance' model, whose performance is expected to significantly exceed the 'base' version of the car
  • J.P. Morgan CEO Jaimie Dimon indicated that he remains cautious about predictions of a 'soft landing' for the U.S. economy, but even if a recession occurs "the U.S. consumer remains strong
  • Iran's president, during a visit to Pakistan, conveyed that any direct Israeli attack on Iran would be met with a response aimed at the complete defeat of the 'regime of the state of Israel'

EURUSD is traded above significant 1.0689 resistance zone and above psychologically important 1.07 level. Source: xStation 

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