EURCHF Intraday Analysis and Trading Plan For April 19, 2024

AUDUSD Intraday Analysis and Trading Plan For April 19, 2024

EURCHF Intraday Analysis and Trading Plan For April 18, 2024

USDCAD Intraday Analysis and Trading Plan For April 18, 2024

The S&P/TSX Composite index rose by 0.47% to close at 21,807 on Friday, driven by gains in the energy and financial sectors. Concerns over potential disruptions to global oil supply boosted the energy sector, with Suncor leading with a 1.15% increase in shares. Major banks, including TD Bank, BMO, and Royal Bank of Canada, also contributed to the index’s rise with gains of 1.31%, 1.11%, and 0.79%, respectively. However, despite the positive performance, the TSX ended the week with a loss of 0.42% as investor sentiment remained cautious due to heightened geopolitical tensions and expectations that the Federal Reserve will remain hawkish for longer.

TSX Gains on Friday, Still Post Weekly Losses

The S&P 500 fell 0.8% to below 5K while the Nasdaq slid more than 2% on Friday, as Nvidia and Netflix dragged along with woes linked to geopolitical tensions and persistent inflation. Netflix sank 9% after its Q2 revenue guidance disappointed. Nvidia tumbled nearly 10% to book the biggest market-cap loser of the week. Other megacaps including Microsoft, Apple, Amazon and Meta also underperformed. Tesla lost 1.9%, a sixth consecutive session of declines, amid new security concerns regarding its vehicles. On the other hand, Dow Jones added 221 points boosted by a 6.1% gain in American Express after earnings and revenue beat expectations. Procter & Gamble added 0.5% despite its quarterly sales came below forecasts. On the week, the S&P 500 fell 3.8%, its worst week in almost six months. The Nasdaq ended the week 6.1% lower to mark its longest losing streak over a year and the Dow Jones lost 0.9%.

S&P 500 and Nasdaq Fall for 6th Session

Gold steadied around $2,395 per ounce on Friday, after touching all-time high of $2,417 earlier in the session. Market sentiment was influenced by the shifting dynamics of escalation and de-escalation in the Middle East. Early on Friday, Israel launched missiles on Iran, spurring a safe-haven rush. However, subsequent reports suggested that the scale of the attack may have been exaggerated, with sources indicating that Iran's nuclear facilities remained intact. Meanwhile, gold faced downward pressure from strong economic data out of the US, including retail sales and the Philadelphia Manufacturing PMI, as well as hawkish comments from several Federal Reserve officials. The prospect of interest rates remaining restrictive for longer weighed on bullion, as higher rates diminish the appeal of non-yielding assets like gold. Throughout the week, gold is still set for an over 2% increase, supported by ongoing geopolitical tensions and strong central bank buying.

Gold Steadies Above $2,390

Brent crude futures stabilized above $87.5 per barrel on Friday, recovering from earlier losses, after Iran downplayed Israel’s attack on its soil, mentioning it has no plan for retaliation.In a retaliatory move, Israel launched a strike early on Friday, leading to Iran’s air defense system intercepting three drones over the city of Isfahan. Traders had been on edge awaiting Israel's response to last weekend's aggression, with tensions further fueled by Iran's warnings against attacks on its nuclear sites. Additionally, U.S. lawmakers have decided to impose sanctions on Iran's oil exports as part of a Ukraine aid package, in response to Iran's recent missile and drone attack on Israel. The EU is also contemplating new restrictions on Iranian oil. Brent crude oil is down around 4% for the week, following a 0.7% drop in the previous period.

Trending Symbols And Events

Most latest news, events and ideas for smart decisions

EURCHF Intraday Analysis and Trading Plan For April 19, 2024

AUDUSD Intraday Analysis and Trading Plan For April 19, 2024

EURCHF Intraday Analysis and Trading Plan For April 18, 2024

USDCAD Intraday Analysis and Trading Plan For April 18, 2024

Latest News

TSX Gains on Friday, Still Post Weekly Losses

S&P 500 and Nasdaq Fall for 6th Session

Gold Steadies Above $2,390

Brent Oil Reverse Earlier Losses

Trending Symbols And Events

Most latest news, events and ideas for smart decisions

Latest Ideas

EURCHF Intraday Analysis and Trading Plan For April 19, 2024

AUDUSD Intraday Analysis and Trading Plan For April 19, 2024

EURCHF Intraday Analysis and Trading Plan For April 18, 2024

USDCAD Intraday Analysis and Trading Plan For April 18, 2024

Latest News

TSX Gains on Friday, Still Post Weekly Losses

S&P 500 and Nasdaq Fall for 6th Session

Gold Steadies Above $2,390

Brent Oil Reverse Earlier Losses