High Expectations as NVIDIA's Earnings Report Looms

High Expectations as NVIDIA's Earnings Report Looms
Today is a highly anticipated day, especially for those focused on earnings reports, as NVIDIA is set to release its results after the close of the American session. The expectations are high, with EPS projected at 5.58 and revenue at 24.5 billion. Investors are keen to see if NVIDIA can meet or exceed these expectations, which could significantly influence market sentiment.

Earlier today, the Reserve Bank of New Zealand announced that the interest rate would remain unchanged at 5.5%. Governor Adrian Orr's statement was slightly hawkish, noting that domestic inflation is expected to take time to decline and that the economy's potential growth rate might be temporarily lower. He emphasized limited room for inflation surprises and expressed satisfaction with falling inflation expectations, though they need to decrease further. Initially, this boosted the New Zealand dollar, but the currency has since given back some of its gains.

On the macro calendar, we await the UK inflation CPI, expected at 2.1%, and the FOMC meeting minutes, which will provide further insights into the Federal Reserve's policy stance. Yesterday, Canada's inflation data came in slightly worse than expected at 2.6% instead of the projected 2.7%, initially negatively impacting the Canadian dollar. Additionally, FOMC members hinted that the Fed might maintain higher interest rates for longer, postponing any potential rate cuts.

Turning to the indices, they are attempting to push higher despite some bearish reversal patterns emerging on the charts. Today will reveal if these bearish setups will materialize or if the upward momentum will continue. In the commodities market, we see corrections in precious metals and oil, indicating a bearish sentiment. Yesterday, however, coffee and cocoa experienced sharp gains, marking a positive day for these commodities.

In the forex market, the New Zealand dollar remains the strongest currency, although it was even stronger earlier today. Conversely, the Swiss franc and Japanese yen are weakening, indicating a decline in safe-haven currencies. The strongest pairs currently are NZD/USD, USD/JPY, and GBP/JPY.


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