Hey Z, What an eventful week it has been. The catalyst for the week was the recently disclosed minutes from the Federal Reserve's December meeting which have set the tone for monetary policy in 2024. While signaling an intent to maintain higher interest rates for sustained inflation control, policymakers also recognised that the peak in rates might have been reached. The anticipation of rate cuts in 2024, with committee members eyeing three quarter-point reductions by year-end, is poised to reshape the dynamics of the market. Interestingly, traders have swiftly adjusted their expectations, now projecting the initial rate decreases from March to May. Click Here to delve into the strategies our top analysts are employing to navigate and capitalize on this unfolding trend in 2024. Here's a scoop of other market movers from the week: 1. U.S. Job Surge: Closing 2023 on a high note, the U.S. added a robust 216,000 jobs in December. This positive surprise, following an even faster job growth in November, contrasts with the anticipated 160,000 jobs. However, the stock market responded with a dip as the impressive job numbers reduce the likelihood of an immediate Federal Reserve interest rate cut. Curious to know how our pro traders are trading this data on their charts? - Click Here for our analysts' take. 2. Eurozone Manufacturing Data: Ending 2023 on a challenging note, the Eurozone's manufacturing sector faced its seventh consecutive month of contraction. Although certain sub-indices suggest potential relief, the S&P Global’s HCOB Eurozone Manufacturing PMI, at 44.4 in December, indicated an industry still grappling with output declines and job losses. 3. France's Inflation: Official data for December showed a rise in inflation in France, the eurozone's second-largest economy. Prices surged by 3.7% year-on-year in December, a noteworthy uptick from November's 3.5%. 4. UN's Global Economic Outlook: The United Nations painted a sobering picture for the global economy in 2024, citing challenges from escalating conflicts, sluggish trade, persistent high interest rates, and escalating climate disasters. Projections indicate a slowdown in global economic growth to 2.4%, down from an estimated 2.7% in 2023. So, that was a wrap. To help you make sense of it all, we've got an exclusive strategy guide. Grab your copy >> To your success, Tad DeVan Senior Currency Strategist Market Traders Institute |
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