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USDIndex settled at 101.50, Wall Street rallied on the back of tech amid ongoing hopes for a downshift in Fed rate hikes amid a potential moderation in inflation this week. Fears of a recession and the potential for the worst quarter of earnings in seven years were put aside for now. Microsoft announces today but news it is investing $10 bln in OpenAI, the maker of ChatGPT provided strong support for investors.

  • The USD Index failed to extend above 102, while it returned to 101.50, as Treasuries cheapened amid the gains in risk appetite and the pressure of upcoming supply, including $120 bln in shorter dated Treasury coupons and a hefty corporate calendar.
  • EUR – is flirting with the 1.09 mark for 7th time the past 2 weeks.
  • JPY – pullback to 129.70.
  • GBP – holds above 1.2400. Today, UK public borrowing data showed a rise along with debt financing costs – the highest borrowing figure for December on record and a much higher number than anticipated.
  • Stocks – The US500 breached 4058 but closed at 4019 (+1.19%), with the US100 up 11930 and the US30 +0.8%, to 33700. The Nikkei rallied 1.46% and European stock futures are higher. Logitech quarterly sales fell 22% as slowdown fears bite. Advanced Micro Devices AMD 9.22% added $6.46, or 9.2%, to $76.53 and Nvidia NVDA 7.59% rose $13.54, or 7.6% to $191.93.
  • USOil – steady at $81.50, as USD decline and expectations of rising Chinese demand support crude prices.
  • Gold – breaks 9-month high today, extending to $1,941.40 high.
  • BTC – extends above 23,000 area. For how long?

Today German, Eurozone, UK and US flash S&P Global PMIs are due today. New Zealand and Australian Inflation for Q4 is also on tap.

Biggest FX Mover @ (07:30 GMT) USDJPY (-0.45%). Rejects 130.70 for a third day in a row. MAs aligned lower, MACD histogram & signal line are close to neutral zone. RSI 42 & flat, H1 ATR 0.200, Daily ATR 1.920.

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Andria Pichidi

Market Analyst

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Having completed her five-year-long studies in the UK, Andria Pichidi has been awarded a BSc in Mathematics and Physics from the University of Bath and a MSc degree in Mathematics, while she holds a postgraduate diploma (PGdip) in Actuarial Science from the University of Leicester.

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