Netflix and Alibaba drive early risk-on move, UK PMIs beat expectations boosting Sterling
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<p>Strong results from Netflix and co-founders buying Alibaba shares see European stocks open in positive territory. After the US market closes, Tesla announces its latest results.</p>
<p>In this video, Nick Cawley, a senior strategist at DailyFX in London, gives us an update on the current market situation. He starts by mentioning that the NASDAQ and S&P have experienced slight gains, while the Dow has seen a slight decline. He highlights the positive performances of Netflix and Alibaba, which have boosted the market sentiment. Overall, all indices are performing well and in the blue.</p>
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<p>Cawley then moves on to discuss the Purchasing Managers’ Index (PMI) for Germany and the United Kingdom. He notes that Germany’s services fell short of expectations, whereas the UK’s services and manufacturing sectors showed improvement. He also mentions upcoming PMIs for the United States and the Bank of Canada’s interest rate decision.</p>
<p>Next, Cawley focuses on the performance of the US dollar. He explains that the dollar index is down, mainly due to the strength of Sterling and the Euro. He analyzes the euro-dollar pair, highlighting the 200-day simple moving average as a support level and mentioning resistance levels for the pair. He also talks about the recent performance of cable. Cawley suggests that the future of the US dollar will be influenced by upcoming economic data, such as durable goods and Q4 GDP figures, as well as the US core PCE report.</p>
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<p>Cawley then discusses the outlook for the dollar-yen pair, mentioning a potential break lower if the 147 low from the previous day is breached. He also talks about the trading range for gold, attributing the quiet market to the anticipation of US data releases and their potential impact on the US dollar.</p>
<p>Towards the end of the video, Cawley mentions upcoming earnings reports from IBM and Tesla. He highlights Tesla’s potential impact on the US indices due to its large market weighting.</p>
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<br /><a href="https://www.dailyfx.com/analysis/netflix-and-alibaba-drive-early-risk-on-move-uk-pmis-beat-expectations-boosting-sterling-20240124.html">Source link </a></p><p>The post <a href="https://forextraderhub.com/netflix-and-alibaba-drive-early-risk-on-move-uk-pmis-beat-expectations-boosting-sterling.html">Netflix and Alibaba drive early risk-on move, UK PMIs beat expectations boosting Sterling</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>
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