Earnings forecasts melt as US prepares to print Q1 GDP [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

Market sentiment somehow improved on news that Donald Trump would ease auto tariffs by lifting some levies on imported auto parts, and to avoid aluminium and steel levies stacking up alongside the rest of the tariffs—probably as a marketing move as he gave a speech in Michigan marking his 100 days in office. As a result, carmakers around the world and major US indices posted gains yesterday.

Part of the gains was also due to hope that US corporate earnings would be resilient to tariff uncertainty, that Scott Bessent is eyeing July 4th to pass a multi-trillion-dollar tax cut package to help improve the new administration’s plunging approval ratings, and that the Federal Reserve (Fed) would step in if things worsened. But the majority of the news was less than ideal—to say the least.

Microsoft, Meta, and Qualcomm are due to release earnings today after the bell; Apple and Amazon report tomorrow. US GDP growth and jobs data, and Eurozone countries’ CPI updates are among key data that investors will watch today.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.