News & Analysis

Market analysis – NVDA rips higher on earnings, Gold holds key support, NZD outperforms

22 February 2024 By Lachlan Meakin


The much awaited NVDA Q4 earnings didn’t disappoint with the tech giant knocking it out of the park, handily beating analysts’ expectations on the top and bottom lines.

For the quarter, Nvidia reported adjusted earnings per share (EPS) of $5.16 on revenue of $22.1 billion. Analysts were expecting EPS of $4.60 on revenue of $20.4 billion. For context the same period last quarter Nvidia reported EPS of $0.88 on $6.1 billion, a huge jump which saw NVDA stock surge over 7% after hours, touching the all-time highs set earlier in February.

Gold rallied for the fifth straight session despite hawkish leaning FOMC minutes which saw a dip in XAUUSD to test the 2020 support level before rebounding.

AUD and NZD were modestly up against the USD , with NZD outperforming its Aussie peer, sending AUDNZD below  1.06 and testing the 2024 lows, this despite Aussie Q4 wage price data coming in hotter than expected, rising to 4.2% against an expected 4.1%. Some pricing in of a RBNZ hike next week seemingly the driver of NZD strength in this cross.


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