NAGA Weekly Recap April 29 – 2024 – May 3 – 2024

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This week, all eyes were focused on the Federal Reserve’s decision, as well as some earnings reports. While some outcomes were expected, markets still reacted quite actively. Curious to know more about how exactly?

Dive into our weekly analysis to stay updated on all the key developments you shouldn’t miss!

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Fed leaves its interest rate unchanged

At its meeting on Wednesday, May 1st, the Federal Reserve of the United States opted to keep its key interest rate unchanged at 5.25%-5.50%. This decision was widely anticipated, given that the US inflation rate has not reached the targeted 2% annual mark.

However, signals were received indicating that a rate cut may still be possible in 2024, albeit later than expected. It was previously planned to begin rate cuts in the spring of 2024, but this now seems unlikely. Assets immediately reacted to the news, particularly with high volatility observed in the US Dollar, Stocks, and Gold.

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Amazon exceeds earnings and revenue projections

Amazon ($AMZN) released its first-quarter earnings report after Tuesday’s closing bell, surpassing analysts’ expectations and sparking a surge in its stock price. The company’s robust performance was driven by significant growth in Amazon Web Services (AWS) and advertising revenue streams.

The earnings report revealed a net income of $10.43 billion, or 98 cents per share, on total revenue of $143.31 billion. Amazon’s revenue surged by over 12% compared to the same period last year, while net income and earnings per share more than tripled.

Following a 3.3% decline during regular trading hours, Amazon shares surged by 2.9% to $181.01 in extended trading on Tuesday.

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Gold snaps two-day losing streak above $2,280

Gold prices traded positively near $2,288 on Wednesday as investors awaited the Federal Reserve’s monetary policy meeting. The precious metal posted modest gains, reversing a two-day losing streak, amidst a cautious market sentiment.

Anticipation surrounded the Fed’s decision on interest rates, with expectations that rates would remain steady. Federal Reserve Chair Jerome Powell was anticipated to maintain a hawkish stance, influencing market dynamics.

Additionally, rising geopolitical risks contributed to a boost in demand for traditional safe-haven assets like gold. Despite uncertainties in global markets, gold prices edged higher, reflecting investors’ cautious approach.

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Euro turns bearish ahead of Fed policy announcements

$EURUSD experienced a bearish turn after Tuesday’s sharp decline, entering a consolidation phase. The pair closed significantly lower during the American session on Tuesday, and early Wednesday found itself in consolidation below the 1.0700 level.

The technical outlook for $EURUSD suggested a bearish tilt in the near term, reflecting the downward pressure on the euro against the US dollar. Market sentiment shifted as investors braced for the Federal Reserve’s policy announcements, widely anticipating that the central bank would leave the policy rate unchanged. That’s what happened.

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This concludes our weekly recap. Have a great weekend and see you next week! 👋