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Weekly Market Outlook: Global Currencies and Equities Expecting Positive Momentum

Week Ahead: 26 Aug, 2024

‘Time has come’ for US Federal Reserve to cut interest rates, says Chairman Jerome Powell. His remarks ignited US market equities rally with S&P 500 gaining +1.15%.

For the week ahead and mid term, the dovish stance is expected to lead to weakness in the US dollar, positive momentum for global equities and non-US currencies.

S&P 500 could retest it’s July high of 5,669, while China and Hong Kong equities also poised for rebound. Singapore STI is at its 3,400 resistance area and we are watching for directional move. 

Another key event to watch for the week is Nvidia's earnings report on August 28th. Investors will be closely examining the company's results for clues about the ongoing AI trend. A strong performance from Nvidia could fuel further momentum in AI-related stocks.

Finally, Apple is set to unveil its new lineup of iPhones, AirPods, and watches on September 10th. This event could impact the broader consumer electronics sector, with potential implications for related stocks.

Headlines for the week:
- Corp Earnings (Nvidia, Salesforce, HP, DELL)
- US PCE, 2nd Est. 2Q24 GDP 
- China MLF fixing, Aug PMI
- SG Jul Ind Prod

Disclaimers apply






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