Beat the street: NVIDIA; oil prices steady; cable ahead of BoE
NVIDIA eclipses Microsoft as world's most valuable company. Crude prices hold steady amid US stock build and war jitters. The greenback struggles for direction, but sterling firms ahead of the BoE's interest rate decision.
(Partial Video Transcript)
NVIDIA surpasses Microsoft in company value
Angeline Ong: Hello. Welcome to IG. This is a show that helps our clients get ahead of any trade that you are on at the moment. Whichever financial instrument at the moment. US markets of course, close. But you can trade commodities, forex crosses and more on the IG platform options as well. Now, NVIDIA eclipses Microsoft as the world's most valuable company and oil prices holding steady amid US stock bells and war jitters.
And the US dollar is back in focus. Struggling really for direction. Sterling firms ahead of the Bank of England's interest rate decision. Now a very warm welcome to you. US markets are closed for Juneteenth, but we have plenty else moving and you can treat them on the IG platform. Just taking you through some of the charts that I have here on bespoke IG data that you can only get here.
IG's bespoke data
Let's start off with this one. Most traded forex pairs right this moment, the GBP/USD, the EUR/USD as well. The USD/JPY and EUR/JPY are also moving against each other. What’s key of course is we had that US retail sales which barely rose in May and all this providing some sort of hope that the US rate cut might come some time in September.
Of course, political jitters in Europe also offering some support by weakening the euro. Let's also have a look at our next chart, which is also bespoke IG data. Checking in on the chart from our platform on energy. This has to do with oil, natural gas, Brent crude, one of the biggest traded instruments in this sector. Carbon emissions as well. Heating oil. This, of course, all coming amid signs that the stock build in the US was higher than anticipated. And there also, of course, jitters surrounding Ukraine and Russia.
For a more technical view, aware of where Brent is heading, let's cross over to Axel Rudolph now.
Watch the full video for the full anlysis and day's trading updates
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