
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
Welcome to Friday! Let’s review the main events happening in the market at the end of the week.
17:00 GMT+2 - Existing Home Sales
Alibaba posted a mixed earnings report yesterday. While the adjusted earnings of the e-commerce firm came out at $1.82 per US share vs. analysts’ expectations of $1.7 per share, the results revealed another quarter of weak revenue performance, with $29.12 billion posted vs. $29.6 billion expected.
Despite the mixed data, Alibaba's stock reacted positively to this news, rising by more than 11% within a day. It helped Alibaba's stock to break the upper border of the descending trading channel and rise higher toward the next resistance at $88.00 (100-day SMA). If this level is broken, the buyers' next target will be $95.00 (200-day SMA). The support level lies at $71.30. Keep in mind that positive developments in China's economy (reduction of Covid restrictions, support of real estate developers) have resulted in the upside momentum of Chinese stocks.
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This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!
Yesterday, the release of the US Inflation rate came out lower than the forecasts (0.1% vs. 0.3%). The soft figures pulled the US dollar index down by almost 1%. At the same time, S&P500, EURUSD, and gold strengthened. Today, the Fed will hold a meeting at 21:00 GMT+3. The Federal Reserve is widely expected to raise the interest rate by 50 basis points.
Credit Suisse's collapse is in focus. What are the consequences of this problem? Let's discuss it here.
Consumer Price Index, Existing Home Sales, US Fed rate decision - all of these things we will discuss in our new review. Don't miss it out!
The RBA and the Bank of Canada will add volatility to the AUD and the CAD, while USD is expected to be boosted by the Non-farm payrolls.
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