Apple (AAPL Stock) phases out the mini as it rolls out the iPhone 14

Michael Hewson MSTA CFTe Independent Analyst

Despite the bearish narrative around some parts of the US market, Apple’s share price has held up reasonably well, significantly above its June lows, and finishing yesterday modestly higher.

Expectations around yesterday’s “Far Out” production launch were high with respect to the launch of the new iPhone 14, as well as a new Apple Watch Ultra model.

The iPhone update turned out to be a minor one, with the company announcing updates to the two regular and two Pro phones, while phasing out the mini.

The main upgrades are enhancements to the camera, a satellite messaging feature, which allows users to send SOS messages when there is no mobile connection.

The new phones will get a 48 mega-pixel camera, as well as a low power mode screen, while the new Pro phones will get a faster chipset, the A16, as well as a new display with thinner bezels and a more active screen area.

Apple also launched a new Watch called the Ultra which is more durable and aimed very much at the outdoors market, adding body temperature tracking, car crash detection and a new low power mode. This will be priced at $799 upwards.

Apple also launched new AirPods Pro earbuds with better audio and a find my device feature, which will cost $249.

There was some surprise that the prices for the new phones were left unchanged, which suggests that Apple are acutely aware that the price points for its products are also susceptible to the cost-of living crisis. We’ve already seen some evidence of this last month when Apple discounted some of its iPhone 13 products in China. The new iPhones will go on sale on September 16th.

There were no updates to the iPad rather disappointingly.

The big question as Apple looks towards what tends to be its most lucrative quarter heading into the Thanksgiving and Christmas period is whether these relatively minor updates will be enough to tempt people to upscale their Apple experience.

There is also the question as to how of an effect the freezing of prices will have on its profit margins.

Author

Michael Hewson MSTA CFTe

Independent Analyst

Award winning technical analyst, trader and market commentator. In my many years in the business I’ve been passionate about delivering education to retail traders, as well as other financial professionals. Visit my Substack here.

GBP/USD stays slightly offered below 1.3600

Following an initial drop to fresh six-day lows, GBP/USD now picks up some updside traction and trades in levels just shy of the 1.3600 barrier on Thursday. The generalised cautious tone among market participants continue to underpin the Greenback ahead of Friday’s data releases and the Fed Warsh’s speech.

EUR/USD struggles for direction around 1.1650

EUR/USD gyrates around the 1.1650 region amid the absence of clear direction and following an earlier drop to the 1.630 area. The pair’s vacillating mood comes in response to the equally irresolute price action in the US Dollar as investors warm up for the release of the NFP Annual Revision and the speech by the Fed’s Warsh at the Jackson Hole Symposium, both events due on Friday.

Gold recovers $4,600, buyers unwilling to give up

Gold adds to Wednesday’s pullback, although it manages to pick up some pace and come closer to the $4,600 mark per troy ounce on Thursday. In the meantime, the yellow metal remains on the back foot despite the widespread caution and the lack of clear direction of the US Dollar.

Ripple rebounds as whales accumulate 460 million XRP

Ripple (XRP) holds above $1.40 support on Wednesday, as bulls return to take control following three consecutive days of declines. The remittance token’s upside appears capped at $1.50 while extended gains would face additional resistance at $1.70. A break above $2.00 would mark a potential regime shift from bearish to bullish.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.