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All eyes on FOMC meeting today; tech stocks rally and earnings are strong

🤖 #33: USDAUD, MSFT, GOOGL, META, AT&T, Crude Oil

Disclaimer: this is not investment advice. Some of the content in this email is generated with the help of artificial intelligence. For the love of all things robotic, please do your own due diligence.

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💸 In Today’s Newsletter

1. Market Movers

Highlighting the key events that are moving markets.

Asian shares are mixed ahead of the US FOMC meeting, where a 25bps base rate hike is expected. Australia's lower-than-expected CPI caused the Aussie dollar to fall, while a tech rally drove US stocks higher. Crude oil prices rose on tighter supplies and Chinese economic support but experienced a minor pullback this morning.

2. Data Display

A Chart of the Day, sometimes original, mosttimes copied.

Coal demand by region

3. Bitcoin Bot (Beta)

Using ChatGPT to decide whether to buy or sell bitcoin every day.

Today’s trade: Buy

Previous trades (win ✔️ or loss ❌): ❌ ✔️ ✔️ ❌ ❌ ❌

Historic win rate: 33%

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📰 Market Movers

  • Shares in Asia are mixed ahead of the US FOMC meeting today where markets are expecting the base rate to rise 25bps to the range 5.25-5.5%.

  • Australia headline CPI was lower than expected, falling to 6% in June from expectations of 6.2% and last month’s print at 7%. The Aussie dollar fell as a result with USDAUD 0.50% higher at 1.48.

  • A tech rally drove US Stocks higher yesterday with the Nasdaq gaining 0.7% and the S&P 500 0.3%. Optimism mostly revolved around how advances in AI might justify this year’s strong market performance.

  • MSFT and GOOGL both announced strong earnings after the close yesterday, Google is up c. 6% in pre-market trading after announcing 15% increase in profitability from the same time last year while Microsoft is down c. 4% in pre-market trading due to forward guidance that growth from AI will be slow and increased spending is likely over the next quarters.

  • Around 80% of earnings reports so far have beaten expectations, although analyst forecasts were fairly pessimistic this quarter. META and AT&T report earnings today.

  • Crude oil was up 1.1% on Tuesday, extending gains from the previous session, as signs of tighter supplies and pledges by Chinese authorities to shore up the world's second-biggest economy lifted sentiment. Crude oil prices have now climbed for four weeks in a row to $79 with supplies expected to tighten due to cuts from OPEC and allies like Russia. There has been a c. 0.7% pullback in oil prices this morning.

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📊 Data Display

China accounts for over 50% of the world’s coal consumption.

Worldwide Coal Consumption

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📈 Bitcoin Bot (Beta)

Today’s trade: Buy Bitcoin at $29,259.88.

For today’s long (buy) position:

  • The stop loss would be set at $28,978.80, which is approximately 0.96% below the current price.

  • The take profit would be set at $29,540.96, which is approximately 0.96% above the current price.

Rationale:

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