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Market Update – April 24 – Markets on Standby Ahead of Tech Earnings

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Trading Leveraged Products is risky

The USD continues to rotate (USDIndex at 101.60) as PMI data surprised to the upside (Composite hit a 11-mth high) and added to 25bp hike (CME Fed Funds Futures 89%) expectations next week from the FOMC. Treasuries rose & the 2/10 yield curve is now 60 bp inverted. Stocks closed flat  10.4% JPY slips after Ueda suggest no change to policy this week. AUD & NZD lower. Oil continues to decline and USOil is below $77.00, Gold is at $1980 as USD holds and yields remain bid, & BTC is now under $28k, -9.00% since last Monday.     

Overnight  UK House Price Inflation  cools to 0.2% from 0.8%. #BBBY files for Bankruptcy.  

  • FXUSDIndex continues to rotate but biased higher, trades at 101.50, EUR tested 1.1000 zone again earlier, back to 1.0985 now. JPY tests back to 134.50 from 133.50 lows on Friday and Sterling holds over 1.2400 up from lows at 1.2370 on Friday.  
  • Stocks – US markets closed flat (+0.07% to 0.11%) (#Albermerle -10.00% (Chile nationalised Lithium production) & #AMZN +3.03% (analyst upgrade) & P&G +3.46% (Earnings beat) #US500 closed +3.73 (0.09%) at  4133.US500 FUTS are lower today at 4135 and below the key  resistance at 4175 & 4150. Microsoft, Meta, Amazon, Google & Intel all report this week. Five of the major tech stocks have accounted for over 65% of the S&P500’s gains (7%) this year, watch this space. Major tech bulls at Wedbush Securities are looking for upside surprises from the tech majors, with an accent on cost cutting, job shedding and AI updates.

  • Commodities – USOil – Futures slipped again today, under $77.00 to test $76.70 as recession fears grow, Gold – continued to slip too, testing $1971 on Friday, & back to $1981 now. 
  • Cryptocurrencies BTC breached the key $28k on Friday to test $27.2k lows, back to $27.6k today. 

Today Australia & New Zealand closed for ANZAC day, German Ifo, Speeches from ECB’s Panetta & de Guindos, Earnings Coca-Cola, Credit Suisse (61.2bn CHF was withdrawn in Q1 as depositors & investors exited). 

Biggest FX Mover @ (06:30 GMT) EURAUD (+0.29%). Continued to gain from Friday’s rally from 1.6250 to 1.6460 now. MAs aligned higher, MACD histogram & signal line positive but flat, RSI 73.26, OB but also flat, H1 ATR 0.00171 Daily ATR 0.01211.

Click here to access our Economic Calendar

Stuart Cowell

Head Market Analyst

Disclaimer: 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 Leveraged 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.






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With over 25 years experience working for a host of globally recognized organisations in the City of London, Stuart Cowell is a passionate advocate of keeping things simple, doing what is probable and understanding how the news, charts and sentiment work together to provide trading opportunities across all asset classes and all time frames.


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