AI leading indicator and tech market darling, Nvidia, sparked a massive comfort rally by beating forecast earnings and revenue. The tech mega-giant added sparkling forecasts to future prospects and drove the sceptics into the ether. September Non-farm Payrolls were also belatedly released and these also beat expectations, quelling fears of labour market troubles. This was welcome news for markets, with equities surging and bond yields settling. The Fed Minutes were a dark spot, revealing that ‘too late Powell’ would continue to hold rates at elevated levels, until his departure in the New Year. The US Dollar banked gains, with the EUR trading 1.1530, while the GBP slipped below 1.3100.
The well supported reserve held commodity currencies down, with the NZD struggling to hold 0.5600, while the AUD trades well below 0.6500. Markets will surf the Nvidia performance and look closely at PMI data from Asia, Europe and the USA.
