Three markets to watch next week (03.02.2023)

5:25 PM February 3, 2023

Big Tech companies have mostly disappointed with their earnings this week, putting some pressure on equity indices. Nevertheless, earnings season is still on the roll and there will be more reports to impact markets next week. Apart from those, traders will also focus on the RBA rate decision and Biden's State of the Union address. Oil traders will assess the situation as EU ban on Russian oil products goes live. Be sure to watch AUDUSD, OIL and US500 next week!


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The Reserve Bank of Australia is set to deliver a 25 basis point rate hike on Tuesday, 4:30 am GMT. This looks like a done deal and focus will be on guidance. Major financial institutions are divided - some see this as a final hike before pause, others see RBA hiking through the first half of 2023. There is a scope for surprise and AUDUSD will be on watch. The pair may also be impacted by some USD volatility on Wednesday at 2:00 am GMT when US President Biden delivers the annual State of the Union address.


The EU ban on seaborne imports of Russian refined oil products will be implemented next week. While the EU has managed to replace Russian crude to a huge extent, it may not be so easy with oil products, especially diesel. This story could be a mover for OIL throughout next week. Apart from that, prices may also move on regular inventory reports - API on Tuesday and official US report on Wednesday.


Wall Street gained following the latest FOMC decision and, especially, Powell's presser which were seen as dovish. However, earnings reports from Big Tech companies have put some pressure on stock markets by the end of the week. Earnings may remain a driver for stock markets next week as well with a very diverse stream of reports. Among highlights one can find Activision Blizzard (Monday), Walt Disney (Wednesday) or PayPal (Thursday).


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