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Markets Week Ahead: Dow Jones, Nasdaq 100, US Dollar, AUD/USD, GBP/USD, Fed, RBA, BoE

Markets Week Ahead: Dow Jones, Nasdaq 100, US Dollar, AUD/USD, GBP/USD, Fed, RBA, BoE

Daniel Dubrovsky, Senior Strategist
Equities Forecast
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Risk appetite notably improved this past week on Wall Street. Dow Jones futures lead the charge, surging 5.89% to the highest since late August. Meanwhile, S&P 500 and Nasdaq 100 futures rose 2.62% and 3.32%, respectively. In Europe, the FTSE 100 and DAX 40 gained 1.12% and 4.03%, respectively. Australia’s ASX 200 climbed 1.63%.

Overall, a solid earnings season helped propel sentiment higher this past week. Certain big-tech companies, such as Microsoft and Google parent Alphabet, charged higher. There was some volatility as Meta’s stock fell as much as 25% following dismal earnings. Meanwhile, Caterpillar Inc. saw earnings surprise higher on strong parts demand.

Meanwhile, Fed moderation bets gained traction, cooling the US Dollar. In the week ahead, all eyes turn to the US central bank as it likely delivers another jumbo 75-basis point rate hike on Wednesday. That would bring benchmark lending rates to 4%. More attention will be placed on their guidance going forward as the pace of tightening is seen slowing.

Outside of the Fed, AUD/USD will be eyeing a much less aggressive rate hike from the Reserve Bank of Australia on Tuesday. This is as the British Pound eyes a potential 75-basis point rate hike from the Bank of England on Thursday. Then, markets will shift focus on US non-farm payrolls data on Friday. Will a slowing labor market offer markets some optimism?

Other notable economic prints include New Zealand’s jobs report for NZD/USD. Chinese manufacturing PMI will reveal how the world’s second-largest economy is faring amid slowing global growth. Earnings season is also still in play, with companies such as Moderna, Uber and Toyota reporting. As such, another busy week is in store.

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US Dollar Performance vs. Currencies and Gold

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Fundamental Forecasts:

US Dollar Forecast: Another Fed Jumbo Hike in Focus as Markets Bet on Policy Moderation

The US Dollar faces another 75-basis point rate hike from the Federal Reserve in the week ahead. Lately, more attention has been placed on a moderating central bank. Will NFPs support that?

S&P 500, Nasdaq 100, Dow Jones – Mega-Cap Tech Hammerings Rattle Sentiment

This week’s Q3 earnings releases roiled equity market sentiment with high-profile names Amazon and Meta, in particular, hitting the Nasdaq hard.

EUR/USD Rate Outlook Hinges on Fed Rate Decision

EUR/USD may struggle to retain the advance from the monthly low (0.9632) as the Federal Reserve is expected to implement another 75bp rate hike.

Gold Price Forecast: XAU/USD Directional Bias Tied to Fed Monetary Policy Posture

Gold prices could recover in the near term if the Federal Reserve embraces a less hawkish posture and signals that it will raises rates less forcefully in the future amid growing economic risks.

Australian Dollar Outlook: Crucial CPI Data May Prompt RBA Action

The Australian Dollar has found higher ground over the past week on a strong CPI read and a weaker US Dollar while the RBA rate decision lies ahead. Will it boost AUD/USD?

GBP Fundamental Forecast: BoE and Fed Hikes Threaten GBP Recovery

Recent rate hikes have been positive for USD but not for the pound. Strong US fundamentals also point to lower GBP/USD ahead of more possible US job additions (NFP)

Canadian Dollar Weekly Forecast: USD/CAD Keenly Awaits FOMC After BoC Shock

USD/CAD fundamentals are somewhat mixed ahead of next week’s FOMC meet while technical factors imply upside potential.

Bitcoin Price Outlook: BTC, ETH, Dogecoin Upside Face Risky Week Ahead

With the Fed, Bank of England (BoE) and NFP on the economic agenda, can Bitcoin, Ethereum and Dogecoin maintain bullish momentum?

Technical Forecasts:

US Dollar Technical Forecast for the Week Ahead

The Dollar has come off hard in recent trade, and as we head into a new week we will need to closely watch how strength plays out; levels and lines to watch.

S&P 500, Nasdaq, Dow Jones Technical Forecast: FOMC Levels

Stocks surged this week with all three major indices rallying to multi-week highs ahead of the Fed. The levels that matter on S&P 500, Nasdaq & Dow weekly charts.

Gold and Silver Technical Forecasts: Gold Eyes Trend Reversal as Silver Momentum Stalls. Where to for XAU, XAG?

Gold and silver prices fell on Friday, spoiling early-week gains. Gold is eyeing a breakout above resistance from a Double Bottom pattern. Silver failed to clear a key SMA as RSI fell below 50.

Crude Oil Technical Outlook: No Reason to Be Excited for Hopes of a Recovery

Crude oil’s rebound this week may not necessarily imply the resumption of the broader uptrend. Indeed there is a risk of an extended sideways range. What is the rationale and what are the key levels to watch?

Japanese Yen Technical Forecast: USD/JPY Bulls Brace for Correction

US Dollar’s assault on the Japanese Yen has been halted with USD/JPY threatening a larger correction within the uptrend. Levels that matter on the weekly technical chart.

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