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Forex Signals Jan 23: Intel Q1 Outlook Tempers INTC Rally, SLB, Ericsson, and First Citizens Q4 Earnings Next
Intel stock fell despite the Q4 2025 beat, while Friday’s earnings slate for SLB, Ericsson, and First Citizens, spans cyclical and defensive
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Last updated: Thursday, January 22, 2026
Quick overview
- Intel's Q4 2025 earnings beat expectations, but cautious guidance for Q1 tempered enthusiasm.
- The dollar weakened despite supportive US economic data, as geopolitical concerns took precedence.
- Precious metals outperformed, with gold and silver reaching record highs amid ongoing market uncertainty.
- US equities showed volatility, with technology stocks leading early gains but ultimately closing near flat.
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MARKETS TREND
Intel stock fell despite the Q4 2025 beat, while Friday’s earnings slate for SLB, Ericsson, and First Citizens, spans cyclical and defensive sectors, making the results an important barometer for broader market confidence as investors reassess growth, margins, and forward guidance early in the year.
Dollar Slips Despite Supportive US Data
US economic releases on Thursday broadly favored the dollar, but they failed to spark sustained buying interest. Instead, the greenback traded softer as investors remained focused on geopolitical developments rather than macro fundamentals.
President Donald Trump outlined a framework for a deal involving Greenland, while progress on the Russia–Ukraine front helped stabilize sentiment. A constructive meeting between President Trump and President Zelensky has now paved the way for a potential trilateral summit with Russia later this week, keeping geopolitics firmly in focus for FX markets.
Equities Churn as Tech Leads Early
US equities opened strongly, with the so-called “Trump TACO” trade driving early gains, particularly in technology stocks. Volatility picked up through the session, but the S&P 500 ultimately closed close to flat after fading its opening gap.
Meta surged 5.3%, extending its post-earnings rebound, while Netflix slid another 2.4%, as disappointment around its results continued to weigh. Tesla climbed nearly 4% after unveiling its long-awaited driverless car rollout in Austin.
Precious Metals Steal the Spotlight
Precious metals once again outperformed broader markets. Gold rebounded sharply from its Greenland-related pullback, surging to a fresh record near $4,920, while silver jumped to $96, marking its highest level on record. The move reinforced strong demand for hard assets amid geopolitical uncertainty and currency softness.
Intel Earnings Beat, Guidance Caps Enthusiasm
Intel’s December-quarter results delivered a clear upside surprise. The chipmaker beat expectations across earnings, revenue, and margins, signaling improving execution after a prolonged restructuring phase.
- Adjusted EPS: $0.15, well above consensus
- Revenue: $13.67 billion, topping forecasts
The results helped reinforce confidence in Intel’s operational turnaround, particularly across core computing and early progress in its foundry ambitions.
However, optimism was tempered by cautious guidance for the March quarter, with management flagging ongoing margin pressure and a slower near-term ramp in some growth areas. As a result, while the earnings beat was constructive, upside for the stock may remain constrained in the near term
Summary
- Q4 EPS and revenue beat expectations, driven by Datacenter & AI and Foundry
- Gross and operating margins surprised meaningfully to the upside in Q4
- Client Computing revenue slightly missed estimates
- Q1 EPS and revenue guidance fell short of consensus
- Margin outlook for Q1 flagged renewed pressure
Key Market Events to Watch Today: Earnings Calendar – Friday
Several heavyweight names report on Thursday, with results likely to shape sentiment across energy services, telecoms, and U.S. regional banking.
📊 Scheduled Earnings Announcements
SLB N.V. (SLB)
- Quarter: Q4 2025
- Timing: Before Market Open (BMO)
- Consensus EPS: $0.74
What to watch: Oilfield activity trends, international demand resilience, and margin performance amid softer energy prices.
Telefonaktiebolaget LM Ericsson (ERIC)
- Quarter: Q4 2025
- Timing: Before Market Open (BMO)
- Consensus EPS: $0.25
What to watch: 5G investment cycles, enterprise network demand, and any updates on cost controls and regional performance.
First Citizens BancShares, Inc. (FCNCA)
- Quarter: Q4 2025
- Timing: Before Market Open (BMO)
- Consensus EPS: $43.79
What to watch: Net interest margins, loan growth, deposit trends, and credit quality as higher-for-longer rates continue to pressure the sector.
Gold Launches the Next Assault on $5,000
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 $4.3800 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 $4,900K on Tuesday but we saw a pullback yesterday after US President Trump’s comments.
USD/JPY Nears 160
Foreign exchange markets saw sharp swings. Early in the week, U.S. yield differentials and Japanese capital outflows pushed the dollar above ¥150, but disappointing U.S. jobs data triggered profit-taking, causing the USD/JPY to slide by four yen from its peak. However, the new BOJ governor the JPY has weakened and USD/JPY soared to 154 and we decided to close our buy signal for more than 80 pips as the pair found support at the 20 daily SMA (gray) and has rebounded more than 200 pips off that MA but reversed after the 25 bps rate cut from the FED.
USD/JPY – Daily Chart
Cryptocurrency Update
Bitcoin Returns to the 100 SMA Which Holds Again
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 yesterday BTC returned below $90K but the 100 weekly SMA (green) continued to hold as support.
BTC/USD – Weekly Chart
Ethereum Returns Below $3,000
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 $2.700 but the 200 weekly SMA held as support and we’re seeing a rebound but buyers face the 100 SMA (green) now.
ETH/USD – Weekly Chart
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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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