Markets a week ahead: Fed and BOE decisions, US jobs report, Microsoft, Apple, Amazon reports
The last week of January is traditionally very busy and this year is no exception. The economic calendar includes the latest Federal Reserve and Bank of England monetary policy decisions, U.S. non-farm payrolls, an overview of fourth-quarter growth in Germany and the euro area, and China’s manufacturing and services sector growth. Full of market-moving events, including PMI, Germany and the Eurozone. Inflation data, to name a few.
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In addition to the economic calendar, a number of major U.S. technology companies will release their latest fourth-quarter results. On Tuesday, Alphabet (GOOG) and the world’s largest company, Microsoft (MSFT), reported earnings, and on Thursday, three more: The Magnificent Seven, Amazon (AMZN), Apple (APPL), and Meta Platform (META). Announcing financial results. after the market closes.
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The US stock market continues to set multi-year/decade/all-time highs as investors remain firmly risk-on. Due to their large weight, upcoming Big 7 earnings announcements will weigh on the index and expose the market to risks. Last week, Tesla (TSLA) fell about 12% after releasing its earnings, disappointing market expectations.
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Tesla daily price chart
ECB leaves interest rates on hold, EUR/USD slumps ahead of press conference and US Q4 GDP
The euro came under pressure last week, even though the ECB left all monetary policy settings unchanged. Markets are focused on Germany and the eurozone, actively pricing in a series of rate cuts as economic growth in the region flattens out. Eurozone and German GDP statistics next week will be closely monitored by the ECB and markets.
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Probability of euro interest rates – are six 25bp rate cuts by the ECB possible?
All eyes are still on the US dollar, but its price movements over the past week have been lackluster. Despite a slightly better-than-expected US Core PCE report and a solid Q4 GDP announcement, the US Dollar Index closed within a few pips of its opening price for the week.
US dollar index daily chart
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Technical and fundamental forecasts – including January 22nd
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All articles are written by DailyFX analysts and strategists