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Market awaited US GDP and Jobless Claims data


U.S. equities closed mostly mixed throughout Wednesday’s trading. The Dow Jones Industrial Average gained 0.03% to close at 33743.84. The S&P 500 lost 0.02% to close at 4016.22. The tech-heavy Nasdaq Composite lost 0.18% to close at 11313.36. U.S. equities experienced a sharp drop at the beginning of Wednesday’s trading as Microsoft issued weaker guidance than expected; however, equities were able to strongly bounce back as market participants assessed corporate earnings and recessionary fears.

The benchmark 10-year treasury yield retreated slightly and was last seen trading at 3.451%. The short-term 2-year treasury yield gained slightly and was last seen trading at 4.133%.

EV maker Tesla reported earnings after the bell. The tech giant reported a beat on both earnings and revenues. Tesla reported revenue of $24.32 billion for the quarter, beating estimates of $24.16 billion. Despite cutting retail prices on its cars worldwide, Tesla has found abundant cash flow from its services business and continued government subsidies.

Main Pairs Movement

The Dollar index, which tracks the U.S. Greenback against a basket of major foreign currencies, dropped 0.27% throughout yesterday’s trading. The Dollar remains subdues ahead of the GDP and initial jobless claims figures, both scheduled to be released before the bell on Thursday. Market participants will also be tuning in on the U.S. PCE price index, scheduled for release on the 27th.

EURUSD continued to rise throughout Wednesday’s trading. The Euro advanced 0.27% against the Dollar. The Euro-Dollar pair has now entered its 6th straight winning session and now faces an immediate psychological resistance level of 1.1.

GBPUSD gained 0.51% throughout yesterday’s trading. The British Pound recovered most of its losses from Monday and Tuesday after the Dollar failed to attract bidding.

XAUUSD advanced 0.47% throughout Wednesday’s trading. Market participants’ concerns over growth and recession have opened the floodgates to the recent rally of Gold. The short-term interest rate expectation has allowed the Dollar to weaken and Gold to climb.

Economic Data

CurrencyDataTime (GMT + 8)Forecast
USDCore Durable Goods Orders (MoM) (Dec)21:30-0.2%
USDGDP (QoQ) (Q4)21:302.6%
USDInitial Jobless Claims21:30205K
USDNew Home Sales (Dec)23:00617K