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On November 20th, Nvidia (NVDA.O) released its Q3 fiscal quarter results. Sales of its chips, a core component of the artificial intelligence (AI) boom, exceeded Wall Street expectations, and the company provided a strong revenue forecast for the quarter, leading investors to believe the AI investment frenzy will continue. The Q3 report showed revenue of $57 billion, a 62% year-over-year increase. Data center revenue reached $51.2 billion, higher than the expected $49 billion. Furthermore, its Q4 revenue outlook was approximately $65 billion, significantly higher than the average analyst estimate of $61.6 billion. Following the earnings release, Nvidias (NVDA.O) after-hours stock price rose more than 4%. Nvidia CEO Jensen Huang stated, "Blackwell sales are phenomenal, and cloud GPUs are completely sold out." Previously, Huang had downplayed concerns about an AI bubble.On November 20th, Ukrainian President Volodymyr Zelenskyy visited Turkey and met with President Recep Tayyip Erdoğan to seek the resumption of peace talks with Russia. Following the meeting, Zelenskyy posted a statement suggesting that only the United States and President Trump possess the capability to end the Russia-Ukraine conflict. Two sources familiar with the matter stated that the United States has presented Ukraine with a series of proposals to end the war, requiring Ukraine to accept a ceasefire framework proposed by the US, including the relinquishment of some territory and a reduction in the size of its armed forces. However, a Ukrainian source indicated that although Ukraine has received the US proposals, it does not intend to participate.Nvidias (NVDA.O) surge boosted after-hours trading in US chip stocks, with AMD (AMD.O), TSMC (TSM.N), and Micron Technology (MU.O) all rising by around 3%.According to AXIOS: A U.S. official said regarding a potential Russia-Ukraine peace plan that, despite being under Russian control, the Donbas region after the withdrawal of Ukrainian troops would still be considered a demilitarized zone, and Russia would not be allowed to deploy troops there.Nvidia (NVDA.O): H20 product sales were negligible in the third quarter.

As the Fed confirms the disinflationary process, the USD/CAD exchange rate may fall to 1.3250

Alina Haynes

Feb 02, 2023 16:05

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The USD/CAD pair resumed its two-day losing run after slipping below 1.3270 in Asia. Following two days of declining US inflation, the Canadian dollar fell on Wednesday.

 

The US Manufacturing PMI (Jan) dropped for a third consecutive month to 47.4, below the consensus estimate of 48.0 and the prior reading of 48.4. The Index of New Orders for Manufactured Goods, which indicates future demand, decreased to 42.5 from 46.1 and 45.1. Fed Chairman Jerome Powell stated in his comments that consumer spending has slowed significantly and that the central bank will now focus on labor cost balance. The US Employment Cost Index (Q4) fell by 1%.

 

The US Consumer Price Index (CPI) and Producer Price Index (PPI) have decreased for three consecutive months, while economic activity and consumer spending have slowed, signaling deflation. Powell stated, "Can now for the first time announce, 'The disinflationary process has begun.'"

 

The market participants' risk appetite has raised the demand for risky assets. After a solid performance on Wednesday, S&P500 futures increased in the Asian morning. The US Dollar Index (DXY) found limits following a decline to about 100.80 amid risk-on market mood. The yield on 10-year US Treasuries has surpassed 3.41 percent.

 

Monthly GDP (Nov) data for the Canadian dollar were 0.1%, above the consensus forecast of flat. Since the Bank of Canada (BoC) ceased policy tightening after increasing interest rates to 4.50 percent, the Canadian economy has not declined on a monthly basis.

 

After plunging to nearly $76, the price of oil is recovering. Black gold dipped on Wednesday after the US Energy Information Administration (EIA) reported 4.14 million oil inventories for the week ending January 27. Because Canada is a major oil exporter to the United States, lower oil prices influence the Canadian Dollar.


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