1. Home
  2. Markets Updates
  3. NAGA’s Weekly Recap | May 8 — May 12 — 2023

NAGA’s Weekly Recap | May 8 — May 12 — 2023

12 May 2023

Share the article:

Maxim Bohdan

This edition brings you crucial insights from around the globe.

We delve into the easing of US inflation and its impact on the Federal Reserve's interest rate strategy. Also, we explore Alphabet's stock surge following its AI-focused announcements. In the currency market, we analyze the recent fluctuations in the $GBP/USD pair. Finally, we navigate the oil market's turbulence amid concerns over physical demand and Iraq's potential export restart.

Join us for these insights and more in this week's succinct economic roundup!




US inflation below 5% for the first time in two years

US inflation dropped to 4.9% in the 12 months to April, marking the tenth consecutive month of slowing price increases, according to official data. The decrease follows the US central bank's steep hike in interest rates aimed at controlling inflation.

However, despite inflation now being below 5% for the first time in two years, core inflation remains elevated at 5.5%, and certain sectors such as housing, petrol, and used cars have seen significant price jumps from March to April. The Federal Reserve has increased interest rates 10 times since last March, pushing them to their highest levels since 2007.

How did US Stocks, the US Dollar, and Gold react to this? 👉 Dive into our market analysis!

Read More

Trading involves significant risk of loss.


Alphabet ($GOOG) gains $131 billion in market value

Alphabet's stock soared by 9% following several AI-related announcements at its conference. CEO Sundar Pichai stated that they are "reimagining all our core products, including search".

The rally added $131 billion to Alphabet's market value, pushing the stock to its highest level since August 2022. This positive response contrasts with the stock's earlier drop after the introduction of "Bard", an AI that competed with ChatGPT.

Alphabet also launched a new language model, which supports over 100 languages and powers 25 new products and features, including the ability to write code.

Explore Stocks on NAGA

Trading involves significant risk of loss.


Physical crude markets are starting to show signs of weakness

Oil prices have continued to decline for a second day, with West Texas Intermediate falling below $71 per barrel, due to concerns about physical demand and the potential restart of exports from Iraq.

These concerns overshadow the US's plan to begin refilling its Strategic Petroleum Reserve after June. Weak refining margins and subpar buying in certain regions indicate a lackluster physical market. Moreover, signs of economic cooling have emerged in the two largest economies, the US and China, as evidenced by rising US jobless claims and a slowing recovery in China.

Explore Commodities on NAGA

Trading involves significant risk of loss.


$GBP/USD recalls BoE-induced fall to 1.2500 on downbeat UK GDP

The $GBP/USD pair is attempting to recover from Bank of England (BoE) induced losses following positive UK growth and activity data.

Disappointing UK data heading into Friday's London open has driven the $GBP/USD pair to an intraday low near 1.2500. Despite this, upcoming US inflation data and risk catalysts could still influence the pair.

Preliminary Q1 UK GDP reported a 0.1% quarter-on-quarter growth, while March's monthly GDP fell by -0.3%.

Explore Forex on NAGA

Trading involves significant risk of loss.


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

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

NAGA Weekly Recap June 23 - 27, 2025
27 June 2025
Middle East tension cooled, stocks bounced, oil dropped—now all eyes on earnings and NFP. Is this just the calm before the next storm? Catch the full breakdown and what traders should watch next.

Read more

Gladys Eguia

Euro Rally Gains Momentum: 1.1700 in Sight, Fed in Focus
26 June 2025
Discover the latest EURUSD analysis as the pair eyes a breakout above 1.1700. Get insights on moving averages, RSI, Fed rate cut expectations, and potential bullish targets.

Read more