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WEEKLY OUTLOOK: Inflation Reaches 1982 Levels; Oil Rises, Stock Markets Plummet

WEEKLY OUTLOOK Inflation Reaches 1982 Levels; Oil Rises, Stock Markets Plummet

Last Week Risers & Fallers:

  • Nasdaq    The Nasdaq was down 2.18% on Friday to reach 12,843.81; the US CPI hit a record high last seen in 1982. Furthermore, the Russian war on Ukraine significantly impacts the stock markets.
  • Amazon (NYSE: NVS)  – Amazon undergoes a 20-for-1 stock split. The announcement caused the share price to increase by 6% on Thursday. Amazon was trading at $2,910.49 per share on Friday.
  • USDJPY –  USDJPY reached a five year high, breaking a significant resistance level on Friday.  The US dollar gained 0.99% against the yen, and the pair is trading at 117.800.
  • US Crude Oil –  US oil continues to rise, gaining 2.90% on Friday, reaching $109.09 per barrel. The commodity reached a high of $130 this week. Oil is rising amidst supply concerns brought about by the US imposed sanctions on Russia.

Major events to watch:

  • USA (USD): US Fed Interest rates – Federal Open Market Committee (FOMC) members vote on where to set the rate. Traders watch interest rate changes closely as short-term interest rates are the primary factor in currency valuation. The interest rate is currently set at 0.25%.

The report is due Wednesday, 16 March at 18:00 GMT.

  • EUROZONE (EURO): Eurozone CPI (YoY) –  The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a crucial way to measure changes in purchasing trends and inflation. The last CPI was at 5.8%, better than the forecast of 5.3%.

The report is due Thursday, 17 March, at 10:00 GMT.

  • CANADA (CAD): Canada core retail sales – Core Retail Sales measures the change in the total sales value at the retail level in Canada, excluding automobiles. It is an important indicator of consumer spending and is also considered a pace indicator for the Canadian economy.  The last retail sales number was -2.5%, worse than the forecast of -2.0%.

The report is due Friday, 18 March, at 12:30 GMT.

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