First US Jobs Report for 2023 posts solid numbers, stocks rally

Published Mon 09 Jan 2023 04:09 by Market Analyst

Last Week Risers & Fallers:

Nasdaq (US100) – The Nasdaq increased 2.56% on Friday after stocks rallied after a positive US jobs report. The index closed at 10,569.29.

Amazon Inc. (NASDAQ: AMZN) – Amazon stocks increased 3.56% on Friday, closing at $86.08 per share. Amazon stocks dipped by 49% in the last year, however, analysts are bullish for the stock.

Gold – The gold price increased 1.62% and is trading at $1,870.50. The stronger jobs report was the main driver of the increase. Gold booked a 2% gain for the week.

EURUSD – EURUSD increased 1.182% to 1.0648. Eurozone CPI declined as a result in reduced gas prices, however, the overall inflation is still at record high levels.

Major events to watch:

Australia (AUD): Retail Sales (MoM) – Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the leading indicator of consumer spending, which accounts for the majority of overall economic activity. Last month’s number was -0.2%.

The report is due Wednesday, 11 January at 00:30 GMT

USA (USD): US Consumer Price Index (CPI) – The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation. Last month’s CPI was 0.1, worse than the forecast of 0.3%.

The report is due Thursday, 12 January at 13:30 GMT

UK (GBP): GDP (QoQ) – Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. The last GDP was 0.5%, better than the forecast of 0.4%.

The report is due Friday, 13 January at 07:00 GMT

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