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This week, investors focused on several important economic events:
⚡ Crude Oil continues to be pressured from lower global demand
⚡ The US PPI is in the spotlight, causing volatility in the US Dollar and stocks
⚡ Significant structural changes might cause volatility for Apple’s ($AAPL) stock
Let's take a closer look at how these events were able to leave a mark on the financial markets 💰
The US PPI is in the spotlight, causing volatility in the US Dollar and stocks
Investors have their eyes fixed on the Producer Price Index (PPI) which is going to be detrimental to the pricing of the US Dollar and Stocks. Both the USD and US equities have seen their price ranges altered due to weakening economic data and the likelihood of a lower rate hike. However, the chances have slightly faded as data over the past week still support a higher rate hike.
If today’s PPI and next week’s Consumer Price Index (CPI) read higher than expected, the lower hike may be in doubt. As a result, the US Dollar may again rise while stocks decline.
Significant structural changes might cause volatility for Apple’s ($AAPL) stock
Morgan Stanley lowers its December 2022 forecast for Apple ($APPL) product shipments.
This is because Apple is feeling the production slowdown in China. In particular, Morgan Stanley now expects Apple to ship around 75.5 million units, down from its original forecast of 85 million units.
Against the backdrop of this negative dynamic, Apple is planning to significantly expand its data-encryption practices, a step that is likely to create tensions with law enforcement and governments around the world.
Crude Oil ($OIL.WTI) drops to a new year low, what’s happening?
Crude Oil prices remain under pressure from the decline in demand and the price has again renewed its yearly lows. The price has now declined to its lowest since the 19th of December 2021.
Some economists have advised that the price is getting back to the normal price range which has been experienced in the previous decades. One of the reasons for the decline in demand continues to be China and the general global market slowdown.
However, there are still many factors that may support prices and spur another rally.
EUR/USD: Euro eyes fresh multi-month highs
EUR/USD has continued to push higher toward 1.0600 after registering its highest daily close since late June at 1.0555. The near-term technical outlook shows that the bullish bias stays intact despite the modest pullback witnessed in the early European morning.
In case US stocks manage to build gains, EUR/USD is likely to continue to stretch higher ahead of the weekend.
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.
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