The recent upswing in global financial markets, fuelled by Nvidia’s remarkable quarterly earnings, underscored the significant impact of artificial intelligence (AI) technology on the financial landscape.

With US markets closed for Presidents Day, global financial markets showed mixed results on Monday. European stocks edged higher, building on the positive momentum from last week, despite the lack of US trading activity.

In a dynamic twist of economic narratives, the global financial stage witnessed a day steeped in contrasts and complexities. The United Kingdom’s inflation rate, in a startling but welcome descent, tumbled to 3.9% from 4.6%, stirring the cauldron of market speculation and heightening anticipation of Bank of England rate adjustments.

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In a striking display of enduring market drive, Wall Street’s major indices ascended to commendable heights on Monday, reinforcing the robustness of its seven-week winning streak. The Dow Jones Industrial Average notched a modest gain, while the S&P 500 and Nasdaq Composite showed more significant advances

In a session reflective of the varying dynamics of today’s economy, Wall Street on Friday showcased a mixed performance with the Dow Jones Industrial Average and Nasdaq Composite climbing higher, while the S&P 500 slightly recoiled.

The financial markets are in a risk-off mood, as investors are concerned about the global economic outlook. The stronger US Dollar is likely to continue to weigh on commodities and other risk assets.

The Reserve Bank of Australia (RBA) is expected to hold interest rates at 4.10% at its meeting tomorrow, according to a majority of analysts.

The AUD is trading lower today, but we continue to think that the currency offers value at the current levels. The main focus for the markets today will be the NFP and ISM Mfg PMI reports. A miss in either of these reports could be a bullish catalyst for the AUD.

The focus today will be on the US jobless claims and PCE data.

The US Dollar (DXY) fell sharply on Wednesday after the release of weak US labour market data.

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