223352 April 30, 2022 05:05 Forexlive Latest News Market News
As the clock ticks toward the Fed decision next Wednesday, the stocks are not taking it well. Of course, Amazon’s poor earnings after the close last night was a key catalyst today. Amazon shares are closing down over 14% on the day, and is also closing below its 200 week MA for the first time since 2009.
Apple’s earnings released yesterday were quite not as bad, but they warned about a revenue hit expected from China which acted as a reminder of the impact of the Covid lockdown for not only Apple, but others that rely on supply from that country.
Will supply constraints/supply shock ever go away and what will be the impact on inflation going forward?
Meanwhile the Fed will raise rates by 50 basis points on Wednesday, and have more or less telegraphed another 50 basis points and other tightenings into the year end as they try to break some of the inflation run higher and get their target rate toward the neutral rate of 2% to 2.5%.
In further anticipation, rates moved higher today which acted as another head wind to the stock market. The 30 year yield is back above the 3.00% level after dipping to 2.82% at the low for the week. The 2 year yield is also back near the high for the cycle at 2.787%. The 10 year yield is 5 basis points from its cycle high at 2.981%
For the month of April,
For the stock market today, the major indices took it on the chin again after a reprieve yesterday:
For the week, the NASDAQ index was the worst performer losing close to 4% on the week as well. The numbers for the week are showing:
Stocks continue to prepare for higher rates, higher inflation, and potentially slower growth ahead as well.
In the forex today, the USD is ending mixed on the day with gains vs the NZD, AUD, CAD, and declines vs the GBP, JPY and EUR. The USD was near unchanged vs the CHF today.
The GBP was the strongest of the major today, while flow of funds exited the risk-off currencies. The NZD, AUD and CAD were the weakest of the majors.
Technically:
223351 April 30, 2022 05:05 FXStreet Market News
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223349 April 30, 2022 04:51 FXStreet Market News
The AUD/USD plummets from daily highs near 0.7200 and tanked below 0.7100 as market sentiment turned sour, ahead of a busy week for the Australian and US economic dockets, as both countries’ central banks would have monetary policy meetings. At the time of writing, the AUD/USD is trading at 0.7069.
Risk-aversion rules April’s last trading day, as portrayed by US equities set to record losses between 2.32% and 4.09%. Factors like China’s covid outbreak, Federal Reserve tightening, and the Russia-Ukraine war developments weighed on market sentiment.
On Friday, the Fed’s favorite inflation gauge, the core Personal Consumption Expenditures (PCE), rose to 5.2% y/y, lower than the 5.3% estimations. However, headline inflation expanded by 6.6% y/y, from 6.3% in the previous month. The data further strengthens the case for a Federal Reserve rate hike in the next week, as the US central bank chief Jerome Powell expressed during the month that a 50-bps increase is “on the table.”
Hotter than expected inflationary readings reported during the week on the Australian front paint a problematic scenario for the Reserve Bank of Australia (RBA) as a federal election looms on May 16th. Money market futures odds of a 0.25 bps increase by the RBA sit at an 85% chance, though some analysts were expecting a 40-bps rate hike.
The consensus amongst economists is that the board would stay put and hold rates unchanged. However, according to Bloomberg, Goldman Sachs Group, Inc. sees the RBA delivering a 40-bps move in June.
Therefore, the AUD/USD scenario favors the greenback. But, a higher-than-expected RBA rate increase or a “dovish” Federal Reserve would boost the prospects of the AUD, though it’s unlikely to happen.
The AUD/USD remains downward biased, accelerating its downward trend as shown by the daily chart. The MACD remains bearish, as the MACD/signal lines aim lower while the histogram expands downwards. Additionally, the daily moving averages (DMAs) above the spot price confirm the aforementioned, though it’s worth noting that the 50-DMA remains on top of the 200 and the 100-DMA.
That said, the AUD/USD’s first support would be February’s 4 cycle low around 0.7051. A break below would expose February’s 1 daily low at 0.7033, followed by the S3 daily pivot at the triple-zero figure at 0.7000.
Full Article223348 April 30, 2022 04:49 FXStreet Market News
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223347 April 30, 2022 04:49 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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223346 April 30, 2022 04:45 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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223345 April 30, 2022 04:45 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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223344 April 30, 2022 04:40 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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223343 April 30, 2022 04:40 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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223342 April 30, 2022 04:35 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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223341 April 30, 2022 04:35 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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223338 April 30, 2022 04:21 Forexlive Latest News Market News
The old adage is that stocks don’t bottom on Fridays. Of course, it’s also the final trading day of the month so that could have led to some special selling flows that could reverse on Monday as we begin May.
On the day:
Amazon was down 14% in its worst day since 2006.
On the week:
On the month:
On the year, the Nasdaq is now down 21.2%. With that as a monthly close, it’s a bear market in tech stocks.
Drawdowns in big-cap tech: