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Today, after the Wall Street session, we will see Nvidia's earnings report, the most important company in the AI bull market and the second-largest by market capitalization. The market expects double-digit revenue growth to around $28.8 billion. The company's stock is down 2.10% at the time of publication.
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On Wall Street, the situation looks rather sluggish, with significant declines in futures of major indexes. The US100 is down the most, losing about 1.10%, while the US500 is down 0.66%, and the smaller companies index US200 is trading 0.75% lower.
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Meanwhile, the European session ended in the green. The DAX gained 0.54%, and the CAC40 rose by 0.16%. However, during the U.S. session, futures limited these gains.
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It's also worth noting U.S. bond yields. Today, we observe a normalization of the curve, with a rise in the 10-year bond yield (3.84%) and a sharp drop in the 2-year bond yield (3.86%). Yields are currently close to converging.
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The dollar is one of the strongest currencies today. The USDIDX dollar index is up 0.60%, reacting to a very important support zone around 100.5000 points, the lower boundary of a multi-year consolidation channel. The EURUSD pair is down 0.65% to 1.1110.
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Silver fell by more than 2% today, while gold lost over 1% due to the strengthening dollar and likely portfolio rebalancing at the end of the month.
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The dollar was strong today, gaining about 0.5% against the euro. The market is still pricing in about a 35% probability of a double interest rate cut by the Fed in September.
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The only significant data we received during today's session was the U.S. crude oil inventory report. Crude inventories fell by just 0.85 million barrels, compared to an expected drop of nearly 3 million barrels. Gasoline inventories fell more sharply by 2.2 million barrels, versus an expected decline of 1.6 million barrels. Crude oil lost more than 2% during the day but later limited losses to just over 1%, with WTI oil again near $75 per barrel.
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Inflation in Australia, which was released during the Asian session, came in at 3.5% year-over-year, compared to the expected 3.4% year-over-year. This is a decline from 3.8% year-over-year, but inflation remains elevated, supporting a hawkish approach from the RBA.
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In the cryptocurrency market, we are also seeing sharp declines. Bitcoin briefly fell to $58,000, but at the time of publication, the price of the largest cryptocurrency had rebounded slightly to around $59,000.
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