Ipek Ozkardeskaya
Swissquote Bank Ltd
The S&P500 record its best performance since October 2023 despite unfavourable economic data for both the US economic outlook and Federal Reserve (Fed) expectations last week. Tech stocks led the rally, market reaction to Big Oil’s weak earnings was mixed wile Friday’s higher-than-expected core PCE print didn’t weigh much on investor sentiment, as most of the price action due to the inflation disappointment happened after Thursday’s GDP report.
This week, two more Magnificent 7 companies – Apple and Amazon – will report their Q1 earnings, the US will reveal the latest jobs data and the Fed will decide.
In currencies, the USDJPY flirted with the 160 level this morning on thin market liquidity due to local Japan public holiday, following the lack of a much-expected intervention - or at least an announcement - from the Bank of Japan (BoJ) last Friday.
In energy, US crude begins the week with a minor slide with hope that Antony Blinken’s efforts to convince Israel to cease fire in Gaza could pay off, as White House announced Sunday that Israel has agreed to hear out its concerns.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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