Tech Stocks Buoyant After Apple Earnings: Market Update
AvaTrade | Aug 02, 2017 07:15AM ET
Main Market Movers
The equity rally continues as the S&P 500 companies furiously beat expectations. August got off to a robust start for European equities, supported further by a flurry of positive economic data from the region. The euro’s strength could cause a negative tailwind on corporate earnings as foreign lands struggle to maintain imports at increasingly expensive costs.
Thus far, the euro’s strength has not been European stock’s achille’s heel – with 60% of earnings per share beating forecasts.
Apple’s earnings report gave the technology sector a boost. By comfortably beating analyst’s expectations, the stock rose about 5% in after hour trading.
Forex
EUR
On Tuesday, the euro reached a two-and-a-half year high against its US counterpart. The single currency is set to have its best year since 2003, when it closed the year 12% higher.
USD
Meanwhile, the dollar continues to falter, sliding 0.13% against a basket of currencies. The dollar has been weighed down by Donald Trump’s antics in the White House as investors fear the US president won’t deliver on the fiscal stimulus promised throughout the campaign trail.
EURUSD
An upward sloping moving averages curve signals that more bullish bets are to come.
NZD
New Zealand’s dollar dropped as much as 0.7% against its US counterpart following weak employment data. Employment change was set to come in at 0.7%, instead the reading was a disappointing -0.2%.
NZDUSD
Momentum is dipping lower which could indicate some bearish movements.
JPY
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The Japanese yen fell 0.3%, as investors shy away from safe-haven assets, while plunging bullish bets into equity markets.
USDJPY
Momentum is dipping downwards, hinting at possible bearish tones today.
Commodities
Oil prices pushed lower over night as oversupply concerns mounted. Crude oil is now trading below $50.
Crude Oil
The moving averages curve is tipping upwards while the RSI curve is touching 70, for now, crude remains bullish. Today’s crude inventory release will give oil a fresh direction.
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