Key Stories from the past week: Commodity Rally & Dollar Strength

A busy week for markets with increased geopolitical tensions, lingering Trump Trade momentum & one of the most anticipated earnings releases. Investors perceived Nvidia’s earnings as a mixed bag, Bitcoin & crypto-assets surged as bullish run continues & EURUSD broke the 1.04 level. Commodities are heading for the best week since April with Gas & Precious metals leading the charge. Read more on this week’s key stories below:

Nvidia Q3 earnings - less fireworks than expected
Nvidia reported better than expected Q3 results with revenue of $35.08 billion up +94% YoY, beating estimates of $33.25 billion, while adjusted EPS $0.81per share - also beat the estimate of $0.74. Despite solid results the market reaction was muted, and investors considered Nvidia's Q4 revenue guidance of $37.5 billion as slightly underwhelming. The rollout of Blackwell chips still faces some supply challenges, but long-term prospects remain very strong. Saxo Bank stock trading clients increased their overall exposure in Nvidia over the week, while CFD traders overall keep 80% long vs. 20% short positions.
Why Nvidia’s Story is Far From Over

MicroStrategy soars as Bitcoin eyes $100k level
Amidst the recent surge in crypto, MicroStrategy has been through a couple of rollercoaster-sessions which at their peak saw shares trading up over 100% since two weeks ago. Investors have been flocking to MicroStrategy & other crypto-related assets, which have been serving as proxy for Bitcoin exposure in a very bullish run for cryptocurrencies. Bitcoin went as high as $99,571 this week before a slight reversal, now up more than 135% YTD. In Saxo 90% of clients remain long Bitcoin, with slightly more short positions opened end of this week. Koen dives into MicroStrategy’s Bitcoin strategy & performance – read more below:
MicroStrategy – a speculative bet on bitcoin or strategic genius?

A strong week for Commodities
Commodities are heading for their best week since April, driven by geopolitical tensions & adverse weather conditions. A sudden escalation between Russian and Ukraine saw momentum for gold return, reaching $2,700 despite continued dollar strength. The Bloomberg Commodity Index is trading up 3% for the week, with gains led by energy & precious metals. In Saxo we saw increased trading activity in spot metals and a slight increase in the ratio of short positions week-on-week in precious metal futures.
Strongest Performance since April driven by geo-risks & weather factors

US Dollar is King Again
The USD is on track for its eighth consecutive weekly gain, driven by rising yields post-Trump's election and changing Federal Reserve policy expectations. Meanwhile, the Euro is weakening due to several factors: anticipated tariffs from Trump affecting Europe's export-reliant economy, a significant economic slowdown, political issues in Germany and France, the ongoing war in Ukraine, and rising gas prices. These factors have led to the EURUSD breaking 1.04, hitting a two-year low, with a 4.5% increase in net long positions at Saxo.
FX Update: JPY and NZD at the extremes of policy trajectories

Next week we will have earnings from BHP Group & Zoom Video (Monday), Dell & Crowdstrike (Tuesday), Macro Bank & Golden Ocean Group (Wednesday), Banco Bradesco & Universal Corporation (Thursday) and Frontline Plc (Friday).