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The Dow Jones Industrial Average rose 12.19 points, or 0.02%, to close at 49,015.60 on Wednesday, January 28; the S&P 500 fell 0.57 points, or 0.01%, to close at 6,978.03; and the Nasdaq Composite rose 40.35 points, or 0.17%, to close at 23,857.45.Tesla (TSLA.O): We plan to release the third generation of the Optimus in the first quarter of this year.January 29th - U.S. stocks closed Wednesday with the Dow Jones Industrial Average up 0.03%, the S&P 500 slightly down, and the Nasdaq Composite up 0.17%. Intel (INTC.O) rose 11%, Nvidia (NVDA.O) rose over 1%, and Micron Technology (MU.O) rose 6%. The Nasdaq China Golden Dragon Index closed up 0.3%, and Alibaba (BABA.N) rose 1.7%.Nikkei poll: Japans Liberal Democratic Party is expected to win a majority of seats in the election.On January 29th, Chris Grisanti, Chief Market Strategist at MAI Capital Management in New York, stated that the Federal Reserves statement and press conference today were noticeably hawkish. The description of economic activity was upgraded from moderate to solid, while the wording regarding downside risks to employment was removed. At the press conference, Powell stated that after a period of weakness last year, the employment situation has stabilized. Inflation, while trending towards stability, remains slightly high. Overall, the Feds focus has shifted from unemployment to inflation. I dont believe there will be a rate cut in the short term. Furthermore, given the strong market performance and continued economic strength, I dont think there will be a rate cut in 2026, a stance that is more hawkish than current market expectations.

The AUD/USD is hovering around 0.7500 ahead of the US NFP and Caixin Manufacturing PMI

Drake Hampton

Apr 01, 2022 10:07

Tips

  • As investors anticipate the next set of US data, the AUD/USD is hanging around 0.7500.

  • The Caixin manufacturing PMI is expected to keep the Aussie bulls at bay.

  • Despite rising commodity prices, the Australian dollar has been a standout performer.

 

The AUD/USD pair has been trading in a band of 0.7456-0.7537 for the whole week as investors await the publication of US Nonfarm Payrolls and Caixin Manufacturing Purchase Managers Index (PMI) data.

 

The Caixin China Manufacturing PMI preliminary estimate is 49.7 points lower than the previous print of 50.4. Australia, being a big exporter to China, has a favorable association with the data provided above. Following Russia's invasion of Ukraine, the Australian dollar has maintained a top performer in the forex market. Rising commodity prices have supported the antipodean against major currencies. Even a cease-fire between Russia and Ukraine will increase the drive aussie, as Europe's goal of independence from Russian oil will alter its reliance on the commodity-exporting currency for energy.

 

The US dollar index (DXY) has risen above 98.40 on gloomy market mood, as global equities fade amid dwindling hope about Russia-Ukraine peace talks. After being a value bet for market players, the DXY has sensed a sheer response buying near 97.70. Despite a slightly lower Core Personal Consumption Expenditure (PCE) inflation rate of 5.4 percent vs the projection of 5.5 percent, Thursday's data set has given the dollar some support.

 

On Friday, the US docket will announce Nonfarm Payrolls (NFP), which is predicted to be 490k, significantly lower than the previous figure of 678k. This will have a substantial impact on the Federal Reserve's eventual interest rate decision (Fed).


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