Forex Market Analysis: NFP Report and Tech Giants’ Earnings Influence 2 Jan 2024
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Daily Forex Analysis: 2 Jan 2024
CURRENCIES:
Key Points:
U.S. nonfarm payrolls report is the focal point for Friday.
Weak jobs report expected to be positive for gold prices; strong data could negatively affect gold.
The article analyzes the short-term technical outlook for gold.
Federal Reserve maintains policy settings but abandons tightening bias.
Rate cut possibility in March remains uncertain, depending on incoming data.
January U.S. employment report of high significance with expectations of 180,000 added workers.
Lackluster nonfarm payrolls could bring back March rate cut talks, benefiting gold.
Strong NFP figures could reduce dovish sentiments on Fed’s policy, leading to potential pressure on gold in February.
STOCK MARKET:
Market Recovery: Stocks experienced a rebound on Thursday, recovering from the previous day’s significant losses, in anticipation of major tech companies’ earnings reports.
S&P 500, Dow Jones, and Nasdaq Performance: The S&P 500 increased by 1.2%, the Dow Jones Industrial Average by nearly 1%, and the Nasdaq Composite led the gains with a 1.3% rise.
Federal Reserve’s Influence: The Federal Reserve’s potential rate changes were a central focus, with Fed Chair Jerome Powell indicating a less likely rate cut in the March meeting, against earlier investor expectations.
Tech Giants’ Earnings Spotlight: Post-market earnings announcements from Apple, Amazon, and Meta (part of the “Magnificent Seven”) significantly influenced market sentiments.
Meta’s Surge: Meta’s shares surged over 12% after it exceeded earnings expectations, announced a $50 billion share buyback, and declared a $0.50 cash dividend.
Amazon’s Positive Outcome: Amazon’s stock also saw gains, rising more than 4% after reporting better-than-expected fourth-quarter earnings and providing an optimistic future outlook.
Apple’s Mixed Results: Apple’s revenue beat expectations, but concerns about slowing sales growth in China affected its stock performance ahead of the earnings call.
Contrast with Earlier Tech Earnings: This positive shift contrasted with disappointing earnings from Microsoft and Alphabet earlier in the week, which had negatively impacted their stock prices.
Upcoming Economic Data: Investors are also looking forward to January’s job market data, with the nonfarm payrolls report due on Friday.
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