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The Bank of Canada leaving policy on hold on Wednesday provided a minor boost for the Canadian Dollar (CAD) but the pair has nudged a little higher again this morning, reflecting minor gains in the US Dollar (USD), leaving funds trading more or less bang on our fair value estimate (1.3881), Scotiaba

Pound Sterling (GBP) is entering Thursday’s American session flat against the US Dollar (USD) with relative gains against all of the G-10 currencies with the exception of Swedish Krona (SEK) and Norwegian Krone (NOK), Scotiabank’s Chief FX Strategist Shaun Osborne notes.

The major indices are opening up mixed with the Dow industrial average down sharply while the NASDAQ and S&P index are rebounding after yesterday’s declines.

UnitedHealth Group (UNH) reported Q1 earnings that missed expectations, with EPS of $7.20 vs. $7.37 expected, and revenue of $109.6 billion vs. $111.55 billion expected. The company also cut its full-year EPS guidance to $26–26.50, down from a prior range of $29.50–30.00. The disappointing results were driven by revenue pressure from ongoing Medicare funding reductions and a shift in member mix, along with higher utilization of senior care services.

The outlook was further downgraded due to unexpectedly high care activity within UnitedHealthcare’s Medicare Advantage business, especially in physician and outpatient services. Additionally, changes in the profile of Optum Health members and low 2024 engagement with reimbursement plans contributed to concerns for 2025 projections.

UNH is trading down close to 18% and contributing largely to the Dow industrial average decline of nearly 500 points.

Taking a snapshot of the market currently shows:

• Dow industrial average is trading down -517 points or -1.30% at 39155
• S&P index is trading up 10.02 points or 0.19% at 5285.
• NASDAQ index up 12 points or 0.08% at 16318

TSMC reported a strong Q1 with net profit of TWD 361.6 billion (beating expectations of TWD 354.6 billion), operating profit at TWD 407.1 billion, and revenue at TWD 839.3 billion, sharply higher than the TWD 592.6 billion from a year ago. Capital expenditure rose significantly to TWD 10.06 billion, up from TWD 5.77 billion.

For Q2, TSMC expects revenue between USD 28.4–29.2 billion (above consensus), with gross margins projected at 57–59% and operating margins at 47–49%. Despite rising concerns around U.S. tariffs, the company noted no change in customer behavior and reaffirmed its forecasts.

TSMC highlighted robust AI-related demand, with revenue from AI expected to double in 2025. It’s aggressively expanding capacity, particularly in Arizona, to meet strong U.S. customer needs—including Apple. The company is advancing its CoWoS packaging capacity, expects 2nm production in Arizona, and remains on track with its N2 volume rollout in H2 2025. TSMC also dismissed any joint venture talks and continues to scale its U.S. operations, noting the need for over 1,000 engineers at its R&D center.

Guidance for 2025 remains unchanged, with capex at USD 38–42 billion, and revenue forecasted to grow by mid-20% in USD terms. CoWoS supply and demand are expected to become more balanced in 2026.

Share shares of TSMC are up 2.95%.

Nvidia shares are still lower at -1.34% after declining closed 7% yesterday.

Amazon shares are down one dollar or -0.52% at $173.40. Alphabet shares are up 0.33%. Microsoft are up 0.20%.

This article was written by Greg Michalowski at www.forexlive.com.

Daily Pivots: (S1) 141.25; (P) 142.30; (R1) 142.95; More… Intraday bias in USD/JPY remains mildly on the downside for the moment. Current fall from 158.86 should extend to 139.57 support. On the upside, above 144.07 minor resistance will turn intraday bias neutral again. But overall outlook will stay bearish as long as 151.20 resistance holds. […]

The post USD/JPY Mid-Day Outlook appeared first on Action Forex.

The EUR/JPY pair gives up its entire intraday gains and ticks lower to near 161.50 during North American trading hours on Thursday. The pair faces a sharp sell-off as the Euro (EUR) underperforms after the monetary policy announcement by the European Central Bank (ECB).

The AUDUSD continues to trade in a choppy, range-bound market since Tuesday. During the late Asian and early European sessions, the pair found support at 0.6334, which sits within a key swing area between 0.6326 and 0.6341 (see green numbered circles on the chart above).

On the topside, today’s high stalled at 0.6382, just below a notable resistance ceiling at 0.6390. The last 3 highs including yesterday, have stalled at that level (see red numbered circles). A break above that level would shift focus toward:

• The 2025 high from February at 0.6407

• The 50% retracement of the decline from the September 30, 2024 high, coming in at 0.6428

For now, AUDUSD remains range-bound, but a break outside the current boundaries could set the tone for the next directional move

This article was written by Greg Michalowski at www.forexlive.com.

Daily Pivots: (S1) 0.8092; (P) 0.8163; (R1) 0.8206; More… Intraday bias in USD/CHF stays neutral for consolidations above 0.8098. While stronger recovery might be seen, upside should be limited by 55 4H EMA (now at 0.8313) to bring another fall. On the downside, break of 0.8098 will resume recent down trend to 200% projection of […]

The post USD/CHF Mid-Day Outlook appeared first on Action Forex.

Daily Pivots: (S1) 1.3205; (P) 1.3249; (R1) 1.3285; More… Intraday bias in GBP/USD stays neutral for consolidations below 1.3291 temporary top. Further rally is expected as long as 55 4H EMA (now at 1.3085) holds. Above 1.3291 will resume the rise from 1.2099 to 61.8% projection of 1.2099 to 1.3206 from 1.2706 at 1.3390, and […]

The post GBP/USD Mid-Day Outlook appeared first on Action Forex.