NAGA Weekly Recap January 9 — 13, 2023
This week, we've seen some major economic news that have shaken up the markets. From unexpected shifts in currency values to important inflation releases from the United States, it's been a week of non-stop action.
But what does it all mean for investors like you? 🤔
US inflation slows as CPI falls 0.1% in December
The latest data from the US Bureau of Labor Statistics shows that the headline rate of inflation in the United States fell to its lowest level since late 2021 in December.
The markets have responded positively to the decrease in inflation, as it suggests that the Federal Reserve may be able to stop raising interest rates in the near future.
Traders and investors see slowing inflation as a sign that the economy is not overheating, which can boost their confidence about putting their money into stocks and other assets.
Trading involves significant risk of loss.
Bed Bath & Beyond jumps 51% to lead a last-gasp rally in meme stocks
A group of highly speculative stocks rallied double digits on Wednesday as retail investors pushed meme names up again in the new year after a dismal 2022.
Specifically, Bed Bath & Beyond skyrocketed by a whopping 51% to trigger the trend on Wednesday. The rally in Bed Bath & Beyond was initially triggered by news that it would lay off more employees in an attempt to reduce costs and stay in business.
Trade $BBBY
Trading involves significant risk of loss.
Gold prices aim above $1,900 after US CPI report
Gold price is retreating from near eight-month highs of $1,902 reached following the release of the United States Consumer Price Index (CPI) data on Thursday.
Gold bulls take a breather this Friday, as the US Dollar is attempting a minor recovery in tandem with the US Treasury bond yields, as the dust settles after volatile trading seen during Thursday’s American session.
Trading involves significant risk of loss.
$GBP/USD holds steady near 1.2200 after UK data
$GBP/USD continues to trade in a narrow channel at around 1.2200 in the early European morning on Friday. The data from the UK showed that GDP grew 0.1% in November, compared to the market expectation for a contraction of 0.2%, but failed to trigger a market reaction.
According to technical analysis, if the $GBP/USD falls below 1.1841, it will confirm the "double tops" pattern and could indicate a decline to 1.1440. On the other hand, if the $GBP/USD rises above 1.2250, it will contradict the bearish pattern, potentially leading to an increase towards the previous monthly high of 1.2445-50.
Trading involves significant risk of loss.
This concludes our weekly recap. Have a great weekend and see you next week! 👋
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