Hello traders, and welcome to Wednesday! Today promises to be interesting, mainly due to one key event: the highly anticipated earnings report from NVIDIA, scheduled for release after the market close. While the hype around NVIDIA has faded somewhat compared to previous quarters, it remains one of the most significant stocks in the market, and its earnings report could have a substantial impact on today's trading.
Earlier today, we had inflation data from Australia, with the CPI coming in at 3.5%, higher than expected. As a result, the Australian Dollar is gaining strength and is currently one of the strongest currencies. In the broader currency market, the American Dollar, Australian Dollar, and Canadian Dollar are leading the pack. On the flip side, we’re seeing a correction in the Japanese Yen, Euro, and Swiss Franc, which are currently among the weaker performers.
Interesting movements are occurring in the commodities market. Precious metals are undergoing a correction after reaching significant levels. Gold hit long-term highs overnight but has since pulled back and is now targeting the $2,480 support level. Silver is also trending lower at the start of the European session. Oil has experienced a more pronounced decline; WTI crude oil dropped sharply yesterday, bouncing off a mid-term downtrend line that connects the lows since early July.
Despite some bearish attempts on certain indices like the CAC 40, overall, indices are performing well and continuing to push higher. The DAX, FTSE, and NASDAQ, in particular, are showing strong momentum, contributing to a generally optimistic sentiment in the stock market.