NAGA’s Weekly Recap | April 10 — April 14 — 2023
In this edition, we bring you the latest news on US inflation, streaming platform stocks, Gold prices, and the $GBP/USD currency pair.
Our aim is to provide you with the most up-to-date and relevant information to help you navigate the markets 🎯
So sit back and read on for this week's updates!🎢
US inflation falls to lowest level since May 2021
Annual inflation, as measured by the Consumer Price Index, dropped in March for the ninth consecutive month. And for the first time since September 2020, grocery prices fell on a monthly basis.
Prices rose 5% for the 12 months ended in March, down from 6% in February, the Bureau of Labor Statistics reported Wednesday. Annual CPI plunged to its lowest rate since May 2021.
“It’s a good print, but it’s not the end of the game, it’s not the end of the story,” Erik Lundh, principal economist at the Conference Board, told CNN. “There’s more to come — hopefully, knock on wood — and we’re heading in the right direction.”
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Streaming platform stocks jump amidst divided analyst recommendations
Shares of the streaming platform rose 4.5%, following other major tech-related names higher. However, Goldman Sachs reiterated its sell rating on the stock. Meanwhile, Wells Fargo said it was bullish on the streaming giant, saying paid account sharing in the US could help lift its profit and loss statement.
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$2,050 prods Gold bulls on the way to refresh all-time high
Gold price ($XAU/USD) seesaws within a $15 trading range after refreshing the 13-month high with the $2,049 mark. Even so, the yellow metal remains well set for a four-day uptrend, as well as bracing for the second consecutive weekly high, amid broad-based US Dollar weakness.
That said, the greenback bears the burden of the easing hawkish Fed bets, backed by softer inflation numbers. Also weighing on the US Dollar could be the looming threat to its reserve currency status.
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$GBP/USD climbs closer to mid-1.2500s, hitting its highest level since June 2022
$GBP/USD has gone into a consolidation phase above 1.2500 early Friday after having closed the previous three days in positive territory. As 1.2550 stays intact as resistance, the pair could stage a downward correction but the impact of the US data releases on the US Dollar's valuation should drive the action ahead of the weekend.
At the same time, the US Dollar came under renewed selling pressure after the data revealed that the US Producer Price Index (PPI) declined to 2.7% on a yearly basis in March from 4.9% in February.
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This concludes our weekly recap. Have a great weekend and see you next week! 👋
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