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HFMarkets (hfm.com): New market analysis services.
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[QUOTE="HFM, post: 217939, member: 32345"] [b]Date : 24th February 2023. Market Update – February 24 – Stocks & Bonds seem oversold.[/b] [URL='https://analysis.hfm.com/wp-content/uploads/2018/11/eu_update_pic_nov18-1.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2018/11/eu_update_pic_nov18-1-696x391.jpg[/IMG][/URL] [B]Stocks[/B] had a limited rebound despite the hotter than expected inflation and jobs data. [B]Yields[/B] rise when [B]bond[/B] prices fall, so there was a marginal unwinding of some of this[B] month’s hefty selloff. [/B]Data showed the labor market remains historically tight. Initial jobless claims, a proxy for layoffs, decreased by 3,000 to a seasonally adjusted 192,000 last week, well below the 2019 pre-pandemic average. It looks as though fears of the Fed hawkishness has peaked, at least for now, and the market is settling in for a long fight against inflation. Traders now see a [B]27% chance[/B] the Fed could lift rates by a more aggressive half point at its next meeting, up from just 1.3% a month ago. [LIST] [*][B]USD Index [/B]remains choppy, holding the [B]104.00[/B] level for a third day, but is off its [B]104.68[/B] overnight high. [*][B]JPY[/B] rallied to [B]135.36[/B] ahead of Friday’s hearing in the lower house of parliament on the nomination of Kazuo Ueda as the next BoJ governor, and after current BoJ Governor Kuroda said the Bank plans to maintain its accommodative stance, but it has fallen back to [B]134.00[/B]. Currently settled at [B]134.80[/B].[URL='https://analysis.hfm.com/wp-content/uploads/2023/02/Screenshot-2023-02-24-092756.png'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/02/Screenshot-2023-02-24-092756.png[/IMG][/URL] [*][B]Stocks –[/B] Stocks are firmer, with the [B]US500 [/B]and [B]US100 [/B]up about [B]0.6%[/B], while the [B]US30 [/B]is [B]0.45%[/B] higher. A pop in [B]Nvidia (+14%)[/B] after an earnings beat is boosting chips and underpinning tech. [B]Nvidia,[/B] one of the index’s biggest constituents, said late Wednesday that it is [URL='https://www.wsj.com/articles/nvidia-cracks-wall-streets-ai-code-31d3e33b?mod=article_inline']expecting an AI-driven boom[/URL] and a recovery in its videogame business. [B]Wayfair [/B]shares dropped by [B]-23%[/B]. The online furniture retailer said it lost 5 million customers in 2022 and posted an annual net loss of $1.3 billion. [B]Moderna’s [/B]stock slid by[B] -6.7%[/B], after the drugmaker[URL='https://www.wsj.com/articles/moderna-mrna-q4-earnings-report-2022-8f43fe98?mod=article_inline'] reported lower quarterly revenue[/URL] and earnings, as demand for its Covid-19 vaccine fell. [*][B]Commodities – USOil [/B]rebounded to [B]$76.30[/B] as the prospect of lower exports from Russia offset rising inventories in the United States, despite US inventories being at their highest level since May 2021. [*][B]Gold –[/B] steady above $[B]1817.[/B] [*][B]Cryptocurrencies – BTC [/B]– rebounded to $[B]23,800.[/B] [/LIST] [B]Today – [/B]US PCE, Home Sales and US Michigan Index. [URL='https://analysis.hfm.com/wp-content/uploads/2023/02/Screenshot-2023-02-24-102009.png'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/02/Screenshot-2023-02-24-102009.png[/IMG][/URL] [B]Biggest FX Mover[/B] @ (07:30 GMT) [B]USOIL (+1.23%) [/B]recovers to 76.30. MAs aligned higher, MACD histogram & signal line turn positive, RSI 68. ATR (1H) at 0.25 and ATR(D) at 2.11. [b]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/b] Click [url=https://www.hfm.com/hf/en/trading-tools/economic-calendar.html][b]HERE[/b][/url] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click [url=https://www.hfm.com/en/trading-tools/trading-webinars.html][b]HERE[/b][/url] to register for FREE! [url=https://analysis.hfm.com/][b]Click HERE to READ more Market news.[/b][/url] [b] Andria Pichidi Market Analyst HFMarkets Disclaimer:[/b] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]
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