7:16 p.m January 5, 2024
The first week of 2024 was marked by declines in the stock market and a strengthening of the US dollar as investors erased some of the late market moves of 2023. Next week also promises to be interesting – traders will be treated to US consumer price data for December as well as the first Wall Street earnings reports for the fourth quarter of 2023. Be sure to watch out for GOLD, US500 and EURGBP in the coming week!
GOLD
The USD weakening that began after the FOMC meeting in December was halted at the start of the new year and the greenback began to recover. This put precious metals under pressure. US consumer price data for December, scheduled for next Thursday at 2:30 p.m. German time, will be closely watched to see whether US price growth accelerated again in the final month of 2023, as it did in Europe was the case. A higher than expected reading could push back pricing for the first rate cut and be negative for gold and other precious metals.
S&P 500
Stock traders will soon take a final look at 2023 as Wall Street’s fourth-quarter 2023 earnings season begins next week. As usual, financial companies will be the first to report quarterly results. Next week’s highlights include reports from Bank of America, BlackRock, Citigroup, JPMorgan Chase, Bank of New York Mellon and Wells Fargo. All of these companies will report on Wall Street next Friday before the market opens.
EURGBP
EURGBP is one of the currency pairs that may see some moves next week as some significant data is released from Germany and the UK. Traders will be treated to German orders data for November (Monday, 8:00 a.m.), German industrial production data for November (Tuesday, 8:00 a.m.) and the monthly UK GDP report for November (Friday, 8:00 a.m.). The British pound has outperformed the euro recently, with EURGBP falling below the 200-day moving average line this week.
Quell: xStation5 from XTB
ACTION with the TEST WINNER 2023:
Disclosure in accordance with Section 80 WpHG for the purpose of possible conflicts of interest
The author may be invested in the securities or underlying assets discussed.
The authors of the publications prepare this information at their own risk. Analyzes and opinions are not written with reference to the specific investment objectives and needs of any particular person. XTB publications commenting on specific situations in the financial markets and general statements made by XTB employees regarding the financial markets do not constitute, and cannot be construed as, advice to the customer by XTB. XTB is not liable for any losses that arise directly or indirectly as a result of decisions made in relation to the content of the publications.
Risk notice
CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage. 78% of retail investor accounts 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. Investment success and profits from the past do not guarantee success in the future. Contents, newsletters and communications from XTB do not constitute investment advice. The communications are as Promotional communication to understand.