Currencies
EUR/USD – moved up yesterday, although it moved away from the highest level after the strong US data. If we are able to closehigher today as well we will have the first 3 day consecutive rise in over a month.
USD/JPY – remains trading above the 104 level as that level was tested a few times in trading yesterday. We are trading at the resistance level at the moment and close to the next one around the 104.9 level.
GBP/USD – moved up yesterday, as there are increased expectations that the BOE might refrain from cutting the interest rate further, as BOE Governor Carney said on Tuesday that the BOE could not ignore the relatively fast drop of the GBP. However, if we see that the GDP data today disappoints, it will hard for them not to act, but either cutting the interest rate or increasing stimulus or both.
USD/MXN – started moving up after a new poll was released that showed Trump ahead in the battle state of Florida.
Indices
S&P 500 – moved down and nearly reached the support around the 2122 level before moving up. The move up came with the upwards move as a result of oil moving up after the inventories. As oil resumed to move down, the S&P followed suit.
Commodities
Gold – moved down as the resistance is still in place after numerous attempts to break through. It is likely we will see some more movement today and tomorrow as we have more US data and tomorrow also the GDP data out of the US. Next week the FED will meet again and decide on the interest rate, although it is expected that they will only change it in December.
Natural Gas – indeed moved down towards the upwards trend line as was to be expected with the downwards move in oil as well, but so far it was able to hold.
Oil – remains trading below the 50 level, even though it traded above this level shortly after the inventories showed a surprise drop. Once more there was a large discrepancy between the API data which showed an increase of 4.8 million barrels and the EIA data a drop of 0.553 million barrels – a different of over 5 million barrels! However, we see that production increased for a second week in a row and also more than the previous week, and this is pulling oil down. In addition we obviously have the remaining doubts on the prospects of real action by OPEC.
Stocks
Apple (NASDAQ:AAPL) – moved down as was expected, but not as much as initially and was able to climb during the day. Overall the earnings were not that bad, but China remains a source of concern as sales there are down and that was the main basis of growth over the last quarters.
Boeing (NYSE:BA) – reported strong earnings and more perhaps more importantly, raised its outlook for the year, causing the stock to move up well over 4%.
Deutsche Bank (DE:DBKGn) – after being a lot in focus in recent weeks due to its legal trouble with the US Justice Department, it just reported its earnings which were a bit better than expected, with revenue at €7.49 billion which is lower than expected, but net income was €256 million while a loss was expected.
Tesla (NASDAQ:TSLA) – is trading up in afterhours trading after posting solid earnings, the second profitable quarter in its history and also much better than expected. Revenue was $2.3 billion and better than expected, including the number of delivered cars, and the company said it could go on without raising money in the near future, something that is always a fear of investors.