03.05.202112:04 Forex Analysis & Reviews: Overview of the US market (05/03/2021)

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The US market dipped last Friday after receiving weak earnings reports from huge companies such as Twitter and Chevron. According to the reports, Twitter predicts a huge drop in future profits, well below analysts' expectations. Chevron, meanwhile, detailed a 3.5% drop in revenue.

All these led to Dow Jones, S&P 500 and Nasdaq slipping by 0.5%, 0.7% and 0.8%, respectively.

Following this, Asian markets also tailed off, falling by 0.8% in both Japan and China indices.

Another reason that might have caused the US market to turn down is the rise in GDP deflator to 4.1%. The Fed's decision to maintain a super-soft policy might be a factor as well.

In any case, the S&P 500 declined to 4.180 points, and it is expected to range from 4.200 points to 4.140 points today.

Meanwhile, the USD index rose to 91.30 points, after seeing a strong fall in EUR / USD.

But against the Canadian dollar, USD still has not increased, so USD / CAD cost 1.2307. Price is projected to fluctuate around 1.2200-1.2400 today. Loonie will weaken if oil prices collapse again.

As for macro statistics, the US will publish reports on industrial and service PMIs this week, which will undoubtedly affect the markets. Good performance may lead to an increase in investments.

Conclusion: The US market may undergo a correction this week.

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