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Market Update – February 7 – USD Holds on to Gains, Stocks Flat, Oil Rallies


RBA raised rates as expected by 25bp & signaled more to come – AUD rallied, USD Holds at 1-Mth Highsamp; Yields Nonetheless, they remain high. US Stocks Closed lower Asian Markets & European FUTS They are much higher. Google announced “Bard”, Baidu “Ernie Bot” and MSFT will announce their own AI today – all in response to the ChatGPT phenomenon. North Korea stole between $630m – $1 bln crypto’s in 2022 – UN report.

  • The USD Index Despite the 8-mth lows, rallies continued last week 100.65. Today’s third day is higher, trading at 103.35 and the resistance to 50-SMA. 
  • EUR – sank to 1-mth lows to test 1.0700 yesterday, back to 1.0735 now. 
  • JPY – Rallied to test 133.00 Yesterday, in response to the BOJ Rumours, back 132.00 now. 
  • GBP – Sterling was weaker to test the fundamental and psychological aspects of Sterling’s performance 1.2000, Return to 1.2025 now.
  • Stocks – The US markets were closed Monday (-0.1% – -1.00%)  US500 -0.61%, (-25.40) 4111, Holding the key 4100.  US500 FUTS Trade at 4128. GAP, Tyson Foods, Activision All the pieces are now gone 4.5%. Stocks of Meme AMC Gained 11.84%, & BBBY Been gained 92% Announcement of $1bn of funding

  • USOil – Futures rose Monday after a Turkish export terminal was removed from service. Saudi Arabia raised Asian prices for the first time…

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