Nasdaq Rallies on NVIDIA Reversal, Dow Jones Struggles

Nasdaq Rallies on NVIDIA Reversal, Dow Jones Struggles
Good morning, traders! Welcome to Wednesday. Let's dive into yesterday's market events and today's outlook.

On Tuesday, the Canadian inflation numbers were released, surprising to the upside. However, despite this positive data, the Canadian dollar's response was rather muted. Although it gained some ground, the reaction was not as strong as anticipated, indicating underlying struggles for the currency.

Today's key event is the Australian inflation report, which showed a rise to 4%. This has given the Australian dollar a significant boost, making it the strongest currency in the market today. Traders holding Australian dollars should be pleased with this development.

In the stock market, the Nasdaq had a strong session yesterday, largely driven by a bullish reversal in NVIDIA. Conversely, the Dow Jones experienced a negative session. Over in Europe, the DAX is enjoying a positive sentiment, reflecting the mixed performances across different indices. It seems that each index is currently driven by its local factors rather than a unified global trend.

Earnings reports are also a highlight. Yesterday, FedEx surprised the market with better-than-expected earnings, resulting in a 13% rise after hours. Today, attention shifts to Micron's earnings report, which could significantly impact sentiment on the American stock exchange.

In the commodities market, precious metals faced a tough session yesterday, with both silver and gold breaking local support levels. In contrast, oil prices are hovering near mid-term highs, indicating a more positive outlook for this commodity.

On the Forex market, EUR/USD is approaching a long-term support level, making it a key pair to monitor. Meanwhile, the USD is showing strength, with USD/CHF and USD/JPY both trending higher. These movements are crucial for traders to watch as they indicate the current market dynamics.


 
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