Forexlive Americas FX news wrap 19 Apr. Nasdaq has its worst week since – ForexLive
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The focus today was on the big-cap tech stocks today. The Nasdaq index got creamed with a decline of -2.05%. That was the largest decline since January 31 when the index fell -2.23% The move lower was initially off of disappointing forward guidance from Netflix after its earning announcement after the close on Thursdays. Its shares tumbled -9.09%.
The kick to the downside got another shove, just before the open Super Micro Computers announced its earnings date, but did not to pre-announce its earnings for the fiscal third quarter. SMCI has been one of the darlings of the 1Q as it tagged along with Nvidia. According to sources, in seven of the past eight quarters, the company issued a press release announcing preliminary results ahead of its routine earnings release, generally raising financial guidance. That was not to be today, and the stock fell sharply in reaction. That momentum continued in the US session with the stock plunging 23.16% to $713.65. The high price in the 1Q reached $1229.00. The decline. Nvidia as well. It shares fell $84.31 or -10.0% to $762.
BTW Super Micro Computers will announce their earnings on April 30. Nvidia doesn’t announce until May 22
Other big movers today included a number of different chip stocks:
Next week, the earnings calendar kicks into full gear Below is a sampling of some of the major earnings releases. :
In the US debt market today, yields move modestly lower.
For the trading week yields moved higher as markets reacted to the Fed’s shift toward rates steady for longer:
A snapshot of the forex market at the week’s end has the CHF as the strongest of the major currencies on the back of a safety bid.
The GBP was the weakest. BOEs Ramsden commented that:
That helped to push the GBPUSD to the downside and the pair moved to the lowest level for the year and going back to November 14. The price is also testing the 61.8% of the move higher from the October 2023 low at 1.23635, and the high of a swing area going back to first quarter of 2023 at 1.2368. The low price today in the GBPUSD reached 1.2366.
Fed’s Goolsbee closed up the Fedspeak ahead of the quiet period (the Fed is to next announce on May 1). Goolsbee discussed the current state of the U.S. economy, highlighting a stall in progress on inflation and advocating for a cautious approach to interest rates until more clarity is achieved. He affirmed that the Federal Reserve’s current restrictive monetary policy remains appropriate but emphasized that future policy adjustments will be data-driven. Goolsbee pointed out the persistent challenge posed by high housing inflation and noted that there is room for improvement in services inflation through increases in labor supply. He questioned whether strong GDP and job numbers might indicate an overheating economy contributing to inflationary pressures, though he also acknowledged that not all data suggest labor market overheating. While the Fed has successfully maintained low unemployment, it has struggled to meet its inflation mandate. Goolsbee warned against maintaining a high level of restrictiveness for too long due to potential negative impacts on employment. He described the policy trade-offs as increasingly complex and noted that the real Federal Funds rate is historically high. Optimistically, he projected that inflation would return to the 2% target over a reasonable period, and he did not dismiss any policy options, including rate hikes if necessary, to manage economic conditions.
Meanwhile, ECB officials today including Lagarge. Muller and Wunsch advocating for multiple rate cuts starting in June.
The US core PCE data will be released on Friday and will be key for the Fed outlook going forward.
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Financial Stability Report Sees Inflation Risk for Hawkish FED – FX Leaders
The FED released the Semi-Annual Financial Stability Report which shows worries about high inflation and high interest rates for longer. Inflation has been sticky so far in 2o24, however, that is no reason to keep interest rates so high, which is hurting home sales as we saw this week.
Today markets focused on calming fears after yesterday’s attack on Iran. Iran downplayed Israel’s bombing, emphasizing that it is not seeking reprisal. This shift in sentiment was enough to ease concerns in the market. Despite lingering risks as the weekend approaches, the market seems to be largely ignoring them.
This suggests a degree of confidence in the current situation. However, stock markets ended the day lower. The Federal Reserve also released the Financial Stability Report before US markets closed, indicating that the FED will be more hawkish than previously expected, which is bearish for stock markets.
True Forex Funds now offers Match-Trader and cTrader platforms – FinanceFeeds
Proprietary trading firm True Forex Funds today announced the launch of Match-Trader, a multi-asset trading platform developed by California-based FX technology provider Match-Trade Technologies.
True Forex Funds said Match-Trader, which is introduced as a secondary trading platform, is now available in select countries including Germany, Austria, Sweden, and Hungary.
Match-Trade’s flat competitive fee structure enables forex brokers to manage and predict their technology costs. The company’s offering caters to various brokers’ needs ranging from hosting services and MT white label solutions, data feed, to bridge and aggregation technology and risk management system for A Book and B Book brokers.
📢 Words from our CEO 📢
Hello Traders,
We are thrilled to announce the launch of Match-Trader, our new secondary trading platform. As of today, Match-Trader is available in select countries including Germany, Austria, Sweden, and Hungary. This strategic rollout is in response…
— True Forex Funds (@trueforexfunds) April 19, 2024
Match-Trade’s portfolio also includes a cryptocurrency solution for FX brokers and crypto exchanges, and the company says it has become one of its most sought-after solutions. The platform provides flexible reporting tools in real-time and ad-hoc reports creation that can be easily viewed from an interactive web interface.
True Forex Funds celebrated in February that its business is finally “back in the game” after it switched its trading accounts to the cTrader platform.
The move came more than two weeks after the firm announced a “temporary halt” to its services in the wake of MetaQuotes, the developer of the widely-used trading platforms MT4 and MT5, terminating True Forex Funds’ licenses.
Richard Nagy, CEO of True Forex Funds, explained earlier that the license termination by MetaQuotes stemmed from True Forex Funds’ use of a third-party provider for equity synchronization. The provider, whose services have been used since 2021, is alleged to have connected to MetaTrader’s client terminal in a manner not fully acceptable by MetaQuotes.
Nagy expressed frustration over the abruptness of MetaQuotes’ decision, noting the absence of prior warnings or opportunities to replace the third-party provider. He highlighted the challenge of investigating a partner or supplier’s source code for legitimacy, which seems to be at the heart of MetaQuotes’ dispute.
True Forex Funds said it was actively seeking to convince MetaQuotes to reinstate its licenses. However, the company ultimately migrated trading accounts to different technology providers as these efforts apparently failed.
The Bitcoin network has confirmed its fourth-ever halving block, mined by the cryptocurrency pool ViaBTC, according to data from Blockchain.com. This significant event in the Bitcoin ecosystem reduced the mining reward by half, a deflationary measure occurring approximately every four years to control the issuance of new bitcoins and curb inflation.
Proprietary trading firm True Forex Funds today announced the launch of Match-Trader, a multi-asset trading platform developed by California-based FX technology provider Match-Trade Technologies.
The Cyprus Securities and Exchange Commission (CySEC) has fined MCA Intelifunds, trading as FXORO, a total of €360,000 for multiple violations of the Cypriot investment laws.
Yi He, co-founder of cryptocurrency giant Binance, has shared a positive outlook on the legal situation of the exchange’s former CEO, Changpeng Zhao. Zhao is currently awaiting a sentencing hearing scheduled for April 30 in the United States.
The Federal Reserve walks a delicate line, addressing high inflation through a hawkish stance while avoiding stifling economic growth.
Discover how ‘Kaspa Killer’ BlockDAG’s $18.5M presale and 400% surge positions it as the fastest-growing crypto, amidst AVAX’s anticipated market rally and Kaspa’s performance gains.
Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 67000.00, top of the previous minor correction ii.
Crypto.com has refuted reports from South Korean media that suggested a regulatory hurdle might delay its expansion in South Korea.
Tether’s stablecoin USDT, which boasts a market cap of $108 billion, has expanded its presence onto The Open Network (TON), a blockchain closely linked to the Telegram messaging app.
Retail Sales Increase But GBPUSD Continues Lower – Forex News by FX Leaders – FX Leaders
The rate of GBP to USD has made another break to the downside, after breaking below 1.25 last week. Today the comeback of the USD, coupled with airstrikes on Iran by Israel, and the situation built up for another bearish break, this time below 1.24.
The detailed breakdown of the UK retail sales report for March reveals concerning trends, particularly with declines in grocery store and department store sales. Non-store retail sales, which typically include online retail, also saw a decrease. However, there were increases in other non-food shop sales and vehicle gasoline sales, partially offsetting the overall decline. The persistent gap between the value and volume of sales underscores the influence of rising inflation on consumer spending in the UK over the past couple of years.
ECBs Muller: Sees a few more rate cuts by year end after June – ForexLive
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ECBs Muller is weighing in on rate cuts in 2024 by saying:
Of course so easy the officials including ECB Pres. Lagarde has expressed this week that there is no pre-set arrangement as far as rates go – but they can strongly hint of their true thinking perhaps.
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