Look ahead: FOMC minutes; NVIDIA; HSBC; Rio Tinto; BAE Systems
The chipmaker at the centre of the AI frenzy is set to report. Due to Nvidia’s meteoric stock rise, any disappointment is likely to be taken badly by investors.
FOMC minutes could give investors more clues on the timing of the Fed’s rate cut plans. Plus, HSBC, Rio Tinto, and BAE Systems report FY results.
(AI Video Summary)
Japan trade balance and UK public sector net borrowing
In the next trading session on Wednesday, 21 February, there are some important things to pay attention to. For example, in Japan, they will release trade balance numbers that will show us how well the country is doing with its imports and exports. This can give us an idea of how strong their economy is.
But the main focus early in the session will be on the UK, especially the public sector net borrowing numbers. These numbers will give us clues about how the UK is doing financially, especially with an election coming up soon.
Forex updates
Now, let's talk about currency trading. The GBP/USD currency pair has been trading in a sideways pattern. This means it hasn't been going up or down much. But there is a possibility of a trend change soon, as the 100-day and 200-day moving averages are moving closer together. However, the cross is still moving up towards the 50-day moving average.
We also need to consider the US dollar. There is talk that the UK might cut interest rates, but if the US moves in a different direction, the UK might follow suit. So, keep an eye on what happens with the US dollar.
Eurozone consumer confidence
In the eurozone, they will release consumer confidence numbers for February. This will give us an idea of how confident consumers in the region are feeling. It's important to know this because consumer sentiment can have a big impact on the market.
More major earnings reports due
And finally, we have some important earnings reports coming out. There are companies like HSBC, Rio Tinto, and BAE Systems from the UK, who will be sharing their financial results. But the most highly anticipated report is from NVIDIA, a chipmaker that is really popular right now because of its involvement in AI technology. People expect their earnings to triple in the fourth quarter.
Overall, these economic indicators, events, and earnings reports will really shape the market. They have the potential to cause big movements in things like currencies, stocks, and commodities. It's a lot to keep track of, but by paying attention to these things, you can make smarter trading decisions.
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