Weekly Economic Outlook: Key News Releases To Keep an Eye On  

Significant events to watch:

-US (USD): U.S. Consumer Price Index (CPI) MoM

-CA(CAD): Canada Interest Rate Decision

-EU (EUR): Eurozone Interest Rate Decision

US (USD): U.S. Consumer Price Index (CPI) MoM – 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 USD, while a lower than expected reading should be taken as negative/bearish for the USD.

The previous reading was 0.4%, in line with expectations. The next report is due on April 10, 2024 at 12:30 GMT. Its forecast stands at 0.3%.

CA(CAD): Canada Interest Rate Decision – Bank of Canada (BOC) governing council members come to a consensus on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.

A higher than expected rate is positive/bullish for the CAD, while a lower than expected rate is negative/bearish for the CAD.

The previous reading was 5.00%, in line with the expectations. The upcoming report is due on April 10, 2024 at 13:45 GMT. Its forecast also stands at 5:00%

EU (EUR): Eurozone Interest Rate Decision – The six members of the European Central Bank (ECB) Executive Board and the 16 governors of the euro area central banks vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.

A higher than expected rate is positive/bullish for the EUR, while a lower than expected rate is negative/bearish for the EUR.

The previous actual data was 4.50% , similar to the forecast. The upcoming report is due on April 11, 2024 at 12:15 GMT and its forecast figure stands at 4.50%.  

Risers and Fallers

-Nasdaq Composite (-1.31%)

-Microsoft Corp (+0.37%)

-Advanced Micro Devices, Inc (-5.32%)

-Oil (WTI) (+4.5%)

Nasdaq Composite – The index demonstrated a slightly negative performance last week, shedding nearly 1.31% in value. Overall, the Nasdaq Composite as shown a notable bullish trajectory over the last 1 year, accumulating almost 34% gains.

Microsoft Corp – The stock climbed by 0.37% in the last 5 days. Microsoft Corp has displayed an uptick performance over the last 12 months, adding over 47% in value.

Advanced Micro Devices– The stock plunged previous week, losing nearly 5.32% in value. However, AMD has exhibited a remarkable performance during the last 6 months, accruing more than 59% gains.

Oil (WTI) – WTI’s price climbed 4.5% in the past 5 days. The commodity is now trading at 86.22 USD.   

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