Market Overview - January 9, 2024: US Stocks Rally, Forex Trends, and Bitcoin Surges

Daily Market Update - January 9, 2024

US Stocks and Commodities Market

On Monday, the US stock market continued its rebound. The Dow Jones Industrial Average rose by 216 points (+0.58%) to 37,683 points, the S&P 500 index increased by 66 points (+1.41%) to 4,763 points, and the Nasdaq 100 index surged by 343 points (+2.11%) to 16,649 points.

The US 10-year Treasury yield remained relatively stable, reporting at 4.032%.

The semiconductor and semiconductor equipment (+4.18%) sector led the market, followed closely by the technology hardware and equipment (+2.32%) and retail (+2.13%) sectors.

Nvidia (NVDA) experienced a significant increase of 6.43%, reaching a record closing price of $522.53.

Other notable performances include Advanced Micro Devices (AMD) rising by 5.48%, Lam Research (LRCX) increasing by 3.38%, and Intel (INTC) rising by 3.33%.

Crocs (CROX) soared by 20.33%, as the footwear manufacturer raised its full-year revenue guidance.

Boeing (BA) fell by 8.03% after the US aviation authority ordered a temporary grounding of Boeing 737 MAX 9 aircraft following an incident involving a similar model operated by Alaska Airlines.

European stock markets also closed higher, with the DAX 40 index rising by 0.74%, the CAC 40 index increasing by 0.40%, and the FTSE 100 index edging up by 0.06%.

US WTI crude oil futures dropped by $2.94 (-3.98%) to $70.87 per barrel.

Gold prices remained relatively stable at $2,027 per ounce.

Forex Market

The US dollar weakened against other major currencies, with the US Dollar Index falling to 102.29 points.

• EUR/USD rose by 8 pips to 1.0949. Retail sales in the Eurozone declined by 0.3% month-on-month in November (expectation: -0.1%), while the economic sentiment index for December increased to 96.4 (expectation: 94.1).

• USD/JPY declined by 44 pips to 144.21. Japanese data showed a 2.9% year-on-year decrease in household spending for November (expectation: -2.1%), and the Tokyo core inflation rate for December slowed to 2.1% year-on-year (expectation: 2.2%).

• GBP/USD rose by 32 pips to 1.2748. UK retail sales for December increased by 1.9% year-on-year (expectation: +2.1%), according to the British Retail Consortium.

• AUD/USD rose by 4 pips, reaching 0.6717.

• USD/CHF fell by 17 pips to 0.8481, and USD/CAD dropped by 17 pips to 1.3345.

Bitcoin displayed a prominent $3,000 green candle, rebounding by 7% to reach $47,000.

AUD/USD Analysis

• Intraday:A new upward trend.

• Turning point:0.6700

• Trading strategy:Above 0.6700, bullish, with target prices at 0.6750 and then 0.6770.

• Alternative strategy:Below 0.6700, bearish, with target prices set at 0.6675 and then 0.6660.

• Technical analysis:RSI technical indicator is bullish, indicating further upward potential.

GBP/USD Analysis

• Intraday:Further upward movement.

• Turning point:1.2720

• Trading strategy:Above 1.2720, bullish, with target prices at 1.2770 and then 1.2800.

• Alternative strategy:Below 1.2720, bearish, with target prices set at 1.2695 and then 1.2670.

• Technical analysis:RSI technical indicator shows a continuing upward trend.

USD/JPY Analysis

• Intraday:Downtrend.

• Turning point:144.30

• Trading strategy:Below 144.30, bearish, with target prices at 143.30 and then 142.85.

• Alternative strategy:Above 144.30, bullish, with target prices set at 144.65 and then 145.00.

• Technical analysis:Immediate trend remains downward with strong momentum.

EUR/USD Analysis

• Intraday:Bullish above 1.0935.

• Turning point:1.0935

• Trading strategy:Above 1.0935, bullish, with target prices at 1.0980 and then 1.1000.

• Alternative strategy:Below 1.0935, bearish, with target prices set at 1.0920 and then 1.0900.

• Technical analysis:RSI technical indicator shows further upward momentum.