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Trends & Analysis
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GBP/USD recovers following wage report

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Trends & Analysis
News

GBP/USD recovers following wage report

News

Buy the JPMorgan dip?

News

Goldman Sachs shares surge after earnings beat

News

Keep an eye on these key S&P 500 levels

News

US big banks report better-than-expected earnings

News

Crude oil declines on profit taking

Weekly Market Preview

Week Ahead Preview:

19th of February

 

Friday, Feb 16, 2024

In the previous week, all eyes were on the US Consumer Price Index (CPI) data for January, revealing inflation levels higher than anticipated. The year-over-year (YoY) core CPI remained unchanged at 3.9%, consistent with the previous month, while the YoY CPI headline surpassed expectations of 2.9% and came at 3.1%. These numbers suggested that the Federal Reserve might extend the period of high interest rates, reducing the likelihood of initiating an interest rate reduction cycle in May and making a June start more probable. This viewpoint was reinforced by Federal Reserve Member Mr. Bostick, who stressed the lack of urgency in implementing interest rate cuts. As a result, US stock indices and gold prices experienced declines, while the US dollar strengthened in response to the possibility of delayed interest rate reductions.

Looking forward to the current week, the agenda will be lighter, with Monday being a bank holiday in the US and Canada. Nevertheless, market focus will be on speeches from Federal Reserve Committee members and the release of the Federal Open Market Committee (FOMC) meeting minutes for January. Investors will carefully examine the meeting minutes for any indications of the potential timing for interest rate reductions. Additionally, attention will be on preliminary data for February’s purchasing managers’ indices (PMIs) in the Manufacturing and Service sectors for the United States, the Eurozone, and the UK. Should the services sector sustain high levels this will be considered a sign of strong demand, potentially leading to a delayed decline in inflation levels to the targeted 2%. This circumstance would necessitate maintaining current interest rates for an extended period, potentially impacting stock index prices negatively.

 

Economic Data Highlights (As per UAE time) 

 

Monday 19th of February
  • Bank holiday in the US and Canada
Tuesday 20th of February
  • CAD- Inflation rates (Jan)
  • USD- Leading indices (Jan)
Wednesday 21th of February
  • JPY- Trade balance
  • Fed Bostic speech
  • Fed Bowman speech
  • CAD- New Housing Price index (Jan)
  • FOMC meeting minutes
Thursday 22th of February 
  • EUR- Manufacturing and Services PMI (Jan)
  • GBP- Manufacturing and Services (Jan)
  • EUR- Inflation Rates (Jan)
  • USD- Existing home sales (Jan)
  • USD- Manufacturing and Services (Jan)
  • US crude oil inventories
Friday 23th of February 
  • NZD- Retails sales (Q4)
  • Fed Waller speech
  • EUR- GDP (Germany Q4)

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