MARKET COMPASS
European stock markets are on a downward trend today due to Trump’s statements implying that tariffs may be imposed on the European Union (EU). Wall Street, on the other hand, is preparing to make a positive start to the new day after yesterday’s flat closes. Nvidia shares first suffered losses yesterday with the thought that its balance sheet was far from impressing investors, but positive results above forecasts helped it recover in a short time.
Today’s data released for the US economy did not reveal a picture far from the predictions. We saw that the world’s largest economy grew by 2.3% in the last quarter of last year. However, although core durable goods orders remained below expectations on a monthly basis in January, durable goods orders pointed to an increase of 3.1% (Expectation: 2.0%) for the same period. The dollar appreciated after the published macro data set. Investors are waiting for the PCE data to be released tomorrow, which is the favorite inflation indicator of the US Federal Reserve (FED).
Digital assets in general continue to remain under pressure amid the hacking incident, Trump’s tariffs and the lack of a catalyst that we think is now necessary for new highs. Although there were signs of a short-term recovery in major cryptocurrencies in the first half of the Asian and European session, the data released for the US increased the demand for the dollar and the continued decline in the country’s 10-year bond yields caused the rises to remain limited during the day. We maintain our expectation of volatile in the short term, pressured in the medium term and bullish in the long term.
HIGHLIGHTS OF THE DAY
Important Economic Calender Data
| Time | News | Expectation | Previous |
|---|---|---|---|
| 15:00 | US Pending Home Sales (MoM) (Jan) | -0.9% | -5.5% |
| 15:00 | FOMC Member Barr Speaks | N/A | N/A |
| 16:45 | FOMC Member Bowman Speaks | N/A | N/A |
| 18:15 | FOMC Member Hammack Speaks | N/A | N/A |
| 20:15 | FOMC Member Harker Speaks | N/A | N/A |
INFORMATION
*The calendar is based on UTC (Coordinated Universal Time) time zone. The economic calendar content on the relevant page is obtained from reliable news and data providers. The news in the economic calendar content, the date and time of the announcement of the news, possible changes in the previous, expectations and announced figures are made by the data provider institutions. Darkex cannot be held responsible for possible changes that may arise from similar situations.
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