Forex Signals March 23: GameStop, PDD, Pony AI, TMC and USAR Earnings Preview Reports

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Earnings this week from GameStop Corp., PDD Holdings Inc., Pony AI Inc., and TMC the metals company Inc. could drive volatility across retail, e-commerce, AI, and mining sectors.

Markets in Turmoil as Geopolitical Fears Intensify

There was nowhere to hide in financial markets on Friday, as investors grew increasingly concerned about a potential escalation over the weekend. Rising uncertainty around the Strait of Hormuz and the broader Middle East conflict drove a sharp risk-off move across asset classes.

Mixed Signals Fuel Market चिंता

Comments from President Trump added to the confusion and volatility. Early in the U.S. session, he criticized NATO allies and suggested reopening the Strait of Hormuz would be “easy.” However, just before the market close, he acknowledged that significant support would be required to achieve that outcome.

This shift in tone raised doubts among investors about the clarity of strategy, with markets increasingly pricing in the risk of a prolonged standoff. Iran, meanwhile, has insisted on a ceasefire before reopening the strait, a condition that has been rejected by the U.S.

Risk-Off Sentiment Hits Global Markets

The result was a broad-based selloff across global markets. Equities dropped sharply, with major indices declining between 2% and 3%. The NASDAQ Composite and Russell 2000 both entered correction territory, falling around 10% from recent highs. The S&P 500 recorded its worst four-week performance since mid-April.

Oil emerged as the only clear winner, as fears of supply disruptions intensified.

Bonds, Gold, and Silver Under Pressure

Bond markets also came under pressure, with rising inflation expectations pushing yields higher. Markets are now pricing in roughly a 30% chance of a Federal Reserve rate hike this year, as one-year implied inflation climbed to 5.3%.

Precious metals failed to provide safety. Gold fell below $4,500 for the first time since early February, while Silver extended losses, both closing near session lows.

Dollar Strength Returns Amid Uncertainty

In currency markets, the U.S. dollar regained strength, reversing some of its recent weakness. The move was particularly notable against the Japanese yen, as Japan appears increasingly vulnerable to rising energy-driven inflation.

Key Market Events to Watch This Week: Earnings Calendar – Key Companies

This week’s earnings span multiple high-interest sectors—from meme-driven retail and global e-commerce to AI innovation and critical minerals. With markets already volatile, these reports could act as catalysts for sharp moves, making guidance and forward outlooks just as important as headline results.

GameStop Corp. (GME)

• Earnings: Q4 2025 (After Market Close)
• EPS Estimate: $0.08
• Market Cap: ~$10.11B

Focus remains on:

• Retail turnaround strategy
• Digital transformation and cost control
• Any updates on profitability sustainability
• Stock remains highly sentiment-driven with potential for volatility

PDD Holdings Inc. (PDD)

Earnings: Q4 2025 (Before Market Open)

• EPS Estimate: $21.08
• Market Cap: ~$136.56B

Key themes to watch:

• Growth in Temu and global expansion
• Margins amid competitive pressure in e-commerce
• Consumer demand trends in China and internationally
• One of the most important reports of the week given its size

Pony AI Inc. (PONY)

• Earnings: Q4 2025 (Before Market Open)
• EPS Estimate: $0.22
• Market Cap: ~$4.57B

Focus areas:

• Progress in autonomous driving technology
• Partnerships and commercialization timeline
• AI and mobility sector sentiment

TMC the metals company Inc. (TMC)

• Earnings: Q4 2025 (Before Market Open)
• EPS Estimate: -$0.05
• Market Cap: ~$2.69B

Key watchpoints:

• Cash position and funding strategy
• Updates on deep-sea mining permits
• Outlook for critical minerals demand

USA Rare Earth, Inc. (USAR)

• Latest reported EPS: -$0.12

Market focus:

• Strategic role in rare earth supply chains
• Funding and development progress
• Exposure to industrial and defense demand

Forex Signals Update

Gold Retests the February Low

Although demand for safe haven assets is still high, gold fell precipitously from record highs following the Fed’s most recent rate cut comments, as profit-taking was prompted by Powell’s cautious tone. In December, gold jumped above $4,380 following the Federal Reserve’s announcement of a 25 basis point rate decrease. But the impetus soon waned, and prices dropped back to $4,004. The 20 daily SMA (gray) held as support last week and buyers returned and pushed XAU above the $5,000 mark for the first time, printing a fresh record high at $5,598 before retreating below $4,500 last week.

USD/JPY Rebounds

USD/JPY – Daily Chart

Cryptocurrency Update

Bitcoin Trades Close to the $70K Level

Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down to $80K before finding support at the 100 weekly SMA (green). A rebound followed, sending BTC near $100 is the first major text for Bitcoin buyers. However BTC returned lower and fell below $80K, breaking below the but the 100 weekly SMA (green) but the decline stopped at the $60K support where the 200 weekly SMA (purple) stands and rebounded to $74K.

BTC/USD – Daily Chart

Ethereum Returns to $2,000

Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. Last week we saw a dive below $2,000 but buyers returned n d pushed the price above $2K again.

ETH/USD – Weekly Chart

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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