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It was a really hot week 🔥
U.S. stocks posted its biggest daily gain 📈 since 2020 following data on October’s consumer price inflation (CPI), which came in cooler-than-expected. At the same time, the cryptocurrency market faced a rampant 🌪 decline.
Let's dive into the weekly market review so you don't miss anything important!
US inflation eased to 7.7% in October
The US Consumer Price Index (CPI) rose 7.7% year-over-year in October, according to data from the Bureau of Labor Statistics. That is less than the 7.9% estimate from economists.
This could mean that the Fed’s actions in raising the key rate were effective in lowering inflation. This is also exactly what the market needed to restore faith in it and boost trading.
Lower inflation puts pressure on the national currency, but supports the stock market. This natural reaction is happening in the market right now.
Meta’s ($FB) cuts will reduce its employee count by about 13% — the stocks react with a decline
The layoffs, which could start this week, comes amid a labor bloodbath in the tech industry and anxiety about a larger economic downturn.
Investors have been concerned about Meta’s rising costs and expenses, which jumped 19% year over year in the third quarter to $22.1 billion.
Experts believe that Mark Zuckerberg thus wants to improve next quarter's earnings report in order to slow the decline of the stock. However, at the moment the company's shares declined on the negative news.
Crypto chaos continues as market drops over $100 billion overnight
The crypto market is deep in the red as the industry continues to reel from the fallout of Sam Bankman-Fried’s empire and Binance's decision to walk away from the earlier announced plan to purchase the troubled FTX exchange.
Specifically, Bitcoin is trading at $17,300 on Friday and ETH is valued at $1275 during the afternoon session.
Nevertheless, many analysts believe this is a temporary phenomenon. And the rapid return of interest in risky assets will restore the market capitalization of the crypto market.
Crude oil ($OIL.WTI) holds losses on weak China demand outlook
WTI trades near $89.30 a barrel after 4% drop.
Oil held losses on a challenged Chinese demand outlook and after an industry report pointed to rising US inventories.
Also, a change in the balance of power in the Senate and House of Representatives could derail President Joe Biden’s legislative agenda and impact the greenback, with a potential knock-on for crude and other commodities.
How do you assess the chances of a further decline in crude oil?
EURUSD sees an upside above 1.0200
The EURUSD pair is hovering around the immediate hurdle of 1.0200. The asset is displaying topsy-turvy moves after Thursday’s juggernaut rally and may resume its upside journey after surpassing the 1.0200 hurdle decisively. Bullish bets are accelerating for the Euro bulls as the risk profile is holding optimism.
The reason for the growth of the pair quotes may be a further weakening of the dollar due to the release of long-term U.S. inflation data.
What's up next week?
Check out the real-time NAGA Economic Calendar, which covers financial events and indicators from all over the world!
This concludes our weekly recap.
Have a great weekend and see you next week!
IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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