1. Home
  2. Markets Updates
  3. NAGA’s Weekly Recap | December 12-16

NAGA’s Weekly Recap | December 12-16

16 December 2022

Share the article:

A really hot week of Central Bank interest rate decisions is coming to an end. The Fed, European Central Bank (ECB) and Bank of England (BoE) reported a 0.5% rate hike, which prompted mixed reactions from markets.

Let's take a look at the main financial points of the week:

🚨Elon Musk sold another $3.6 billion worth of Tesla ($TSLA) stocks

🚨Crude Oil ($OIL.WTI) is set for weekly gain

🚨GBP/USD licks BOE-inflicted wounds

Read on for more details! 👇


#Markets.png

Markets Remain Volatile After 3 Major Rate Hikes This Week

We are now reaching the end of the busiest week of the year, and 90% of economic releases have already been released. Due to the number of news releases, the markets have experienced high volatility and plenty of price correction.

Currency pairs have specifically witnessed corrections and false breakouts due to the UK, US and Eurozone monetary policy changes. However, the stock market has also generally formed a clear trend.

What’s next? 🤔

Discover NAGA’s Markets

Stocks_dc573a24c5-2.png

Elon Musk sold another $3.6 billion worth of Tesla ($TSLA) stocks

Tesla CEO Elon Musk sold about 22 million more shares in his electric vehicle business, which were worth around $3.6 billion.

It isn't clear if the sales are related to the Twitter acquisition, but it is annoying investors who are upset by the perception that he is diverting the majority of his focus and resources to Twitter rather than Tesla.

Such actions could frustrate Elon's followers and Tesla shareholders.

Trade $TSLA

Crude Oil ($OIL.WTI) set for weekly gain

Oil headed for the biggest weekly gain since early October on signs of tightening supply and the prospect for improved Chinese demand, despite downward pressure from interest-rate hikes.

There are signs that Russian flows to Asia are dipping because of the price cap. Also, China’s rapid dismantling of its Covid Zero policy has prompted optimism over the long-term outlook for demand, although the near-term outlook is uncertain as virus cases surge.

“Supply tightness took precedence over demand concerns,” said Ravindra Rao, head of commodities research at Kotak Securities Ltd. in Mumbai.

Trade $OIL.WT

GBP/USD licks BOE-inflicted wounds

Despite the latest corrective pullback, $GBP/USD remains on the bear’s radar near 1.2200. One of the reasons for this market reaction was the BoE's decision to raise the key rate by 50 basis points following the Fed.

Other than the BoE-led slump, the US Dollar’s recovery, mainly due to the rush for risk safety, also underpinned the $GBP/USD pair’s fall the previous day. The market’s risk aversion could be linked to the major central banks’ readiness for keeping the higher rates for longer, as well as the fresh Sino-American tussles.

Trade $GBP/USD

So, 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.

Related articles

NAGA Weekly Recap June 30 - July 4, 2025
4 July 2025
S&P and Nasdaq held near highs while dollar dipped and gold steadied. A calm week sets the stage for big moves. Get the full market recap.

Read more

Gladys Eguia

USDJPY Forms Contracting Triangle as Volatility Drops
3 July 2025
USDJPY price action tightens within a triangle pattern, signaling a potential breakout. With ATR falling and key data ahead, traders should watch support at 143 and resistance near 146–147.

Read more

Top Economic Events to Watch | June 30 - July 4, 2025
30 June 2025
Get ready for market moves on July 3, 2025. Discover the three key U.S. economic reports—NFP, unemployment, and ISM Services PMI—that could drive stocks, bonds, the dollar, and more.

Read more

Gladys Eguia