NAGA’s Weekly Recap | February 20 — February 24 — 2023

This week, the focus was on the FOMC Minutes, highlighting concerns over inflation and the need for rate hikes.

Meanwhile, Nvidia has seen a surge in share prices thanks to its strong earnings and bullish outlook on AI, and oil prices are bouncing back following a decline in gasoline inventories. In the forex market, the Euro is declining, with the EUR/USD pair hitting levels last seen at the beginning of the year.

Join us as we explore the latest market trends and insights, and remember to always trade with caution and manage your risks 🚀

FOMC Minutes show signs of lower inflation but need for rate hikes

On the evening of February 22, 2023, the FOMC Minutes were released, containing important statements about the Federal Reserve's current monetary policy and plans for future rate hikes.

The officials stressed their concern that inflation is high, indicating the need for more interest rate increases. The minutes of the meeting, released on February 22, show that inflation "remained well above" the Fed's 2% target, while labor markets “remained very tight, contributing to continuing upward pressures on wages and prices."

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Nvidia shares up 14% on earnings, and bullish outlook on AI

Nvidia shares jumped over 14% a day after the chipmaker's earnings were reported.

Nvidia reported $6.05 billion in revenue for the fiscal fourth quarter and adjusted EPS of 88 cents, edging the Wall Street consensus. It forecasted $6.5 billion in sales for the upcoming quarter.

Analysts responded positively to Nvidia’s results and growth in its data center business, with a slew of reiterated or upgraded ratings coming after the report. Analysts are also bullish on the company’s AI vision.

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Oil gains over 2% as gasoline stocks show second weekly decline

After plunging for six straight sessions on economic growth concerns, oil prices have now gained over 2% on the back of indications that gasoline demand is improving alongside a weekly decline in U.S. gasoline inventories.

The Energy Information Administration (EIA) released its weekly inventory report, showing that while crude oil inventory continued to rise for the ninth week, gasoline inventory fell by 1.9 million barrels.

Despite the crude oil inventory build, the gasoline inventory decline is driving oil prices upwards today, with gasoline demand expected to strengthen as we head out of winter and into higher driving seasons.

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Euro down towards 1.05

The EUR/USD pair lost the 1.0600 threshold on Thursday to reach levels that were last seen at the beginning of the year. The decline was the result of broad US Dollar demand, which temporarily paused in the European session amid local share markets fighting against the sour market mood.

Wall Street, on the other hand, resumed the decline, with major indices reaching fresh monthly lows following the release of mixed United States data. On the one hand, the annualized pace of growth in the country was downwardly revised to 2.7% from 2.9% in the last quarter of 2022.

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This concludes our weekly recap. Have a great weekend and see you next week! 👋