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⚡ The week that ended brought many important economic events and phenomena, among them the big Adobe and Figma deal, the decline in the price of oil and the stabilization of the inflation rate in the United States, etc.
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So, let’s dive into the major economic events of the week ending 👇🏻
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US CPI inflation rate is sliding, and this is what matters for the Dow Jones
Lower inflation in the U.S. could support the Dow Jones to a new rally!
Wall Street economists expect Tuesday morning’s release of the consumer price index for August to show a 0.1% monthly decline, thanks to falling gas prices. That would bring the CPI inflation rate down to 8% from 8.5%.
That could lead to a boost for the Dow Jones and other U.S. indices, which are still well below local highs.
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EUR/USD remains sideways around 1.0000
EUR/USD is juggling around 1.0000 as investors await US Michigan CSI data. An upbeat US Retail Sales data will strengthen the Fed in tightening policy further. The Eurozone energy crisis is deepening further ahead of the winter season.
In general, the EUR/USD pair is continuously oscillating around the critical figure of 1.0000 amid the unavailability of any potential trigger that could direct a decisive move. Generally, after falling like a house of cards, assets take sufficient time to build a ground for decisive moves. Considering the unavailability of a decent pullback move, the asset is expected to deliver a downside break.
Oil extends losses on recession fears
Oil prices dipped in early trade on Friday, extending the week’s losses as concern over tight supply was outweighed by escalating fear of sharp interest rate hikes slamming global growth and hitting fuel demand.
“Crude oil fell as the market’s focus returned to the worsening economic backdrop,” ANZ commodities analysts said in client note.
Analysts said sentiment suffered from comments by the U.S. Department of Energy that it was unlikely to seek to refill the Strategic Petroleum Reserve until after fiscal 2023.
Adobe to buy Figma in $20 billion bid
Adobe Inc agreed on Thursday to acquire Figma, whose products are used by software developers to collaborate, for $20 billion, sparking investor concerns about the rich price tag.
Adobe Chief Executive Shantanu Narayen hailed Figma’s business as “the future of work” and said there were “tremendous opportunities” in combining it with his company’s offerings, such as document reader Acrobat and online whiteboard Figjam.
What’s up next week?
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.
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