Weekly Outlook: NFP to Watch, Major Stocks are in Green.

Significant events to watch:

-US (WTI): U.S Crude Oil Inventories

-EUROZONE (EURO): CPI(YoY)

-US (USD): Nonfarm Payrolls

US (WTI): U.S. Crude Oil Inventories

The Energy Information Administration’s (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.

If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected. If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected.

The previous reading was -7.114M better than the expected -2.704M. The next report is due on Thursday, January 4, 2024, 21:30GMT.

EUROZONE (EURO): CPI(YoY)

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

The previous reading came out to be 0.4%, which is same as expected 0.4%. The next report is due on Friday, January 5, 2024, 15:30GMT. Its forecast stands at 3.0%.

US (USD): U.S. Nonfarm Payrolls

Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

The previous actual data was 199K better than the forecast 180K. The upcoming report is due on Friday, January 5, 2024, 19:00GMT and its forecast figure stands at 163K.

Risers and Fallers

–DAX index (+0.51%)

–Pfizer Inc (+1.23%)

–NVIDIA (+0.67%)

–Natural Gas (+1.31%)

DAX Index– The index demonstrated a neutral performance last week, surging by nearly 0.51% in value. Note that the DAX has shown a positive performance during the last 1 year, registering 19.07% net gains.

Pfizer Inc – The stock climbed by nearly 1.23% in the last 5 days. The stock has shown a negative performance these past 6 months, losing over 21% in value.

NVIDIA Corp – NVIDIA stock remained neutral previous week, adding 0.67% in value. It has almost gained 16.7% in the previous 6 months.

Natural Gas – Natural gas price increased by 1.31% during the previous week. The commodity is now trading at 2.32 USD.

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