The Economic Outlook: Notable News to Drive USD, GBP, & EUR This Week

Significant events to watch:

– UK (GBP): U.K Consumer Price Index (CPI) YoY

– US (USD): U.S. Initial Jobless Claims

– EU (EUR): Eurozone Consumer Price Index (CPI) YoY

UK (GBP): U.K Consumer Price Index (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 GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.

The previous reading was 3.9% worse than the expected 4.3%. The next report is due on January 17, 2024 07:00 GMT. Its forecast stands at 3.8%.

US (USD): U.S Initial Jobless Claims

Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.

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

The previous reading came out to be 202K worse than the expected 210K. The next report is due on January 18, 2024 13:30 GMT. Its forecast stands at 207K.

EU (EUR): Eurozone Consumer Price Index (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 actual data was 2.9% worse than the forecast 3.0%.The upcoming report is due on January 17, 2024 10:00 GMT and its forecast figure also stands at 2.9%.

Risers and Fallers

– Nasdaq Composite Index (+2.80%)

– Alphabet Inc (+4.59%)

– JP Morgan Chase & Co (-1.73%)

– Natural Gas (+9.06%)

Nasdaq Composite Index– The index demonstrated a positive performance last week, surging by nearly 2.80%  in value. Note that the Nasdaq Composite has shown a bullish trajectory over the last 1 year, registering 34% net gains.

Alphabet Inc – The stock climbed by nearly 4.59% in the last 5 days. The stock has displayed a notable performance these past 6 months, gaining more than 14% in value.

JP Morgan Chase & Co – JP Morgan’s stock displayed a negative performance previous week, shedding 1.73% in value. However, it has almost gained 20% in the previous 12 months.

Natural Gas – Natural Gas price increased by a remarkable 9.06 % during the last week. The commodity is now trading at 3.13 USD.

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