Oil prices slide, Energy stocks books worst day since November ‘22

Published Tue 21 Feb 2023 03:29 by Market Analyst

Significant events to watch:

-NEW ZEALAND (NZD): NEW ZEALAND INTEREST RATE DECISION

-EUROPE (EURO): EURZONE CPI

-USA (USD): US GDP

NEW ZEALAND (NZD): New Zealand Interest Rate Decision – The Reserve Bank of New Zealand (RBNZ) governor decides where to set the rate after consulting senior bank staff and external advisers. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. New Zealand’s interest rate is set at 4.25%.

The report is due Wednesday, 22 February at 01:00 GMT

EUROPE (EURO): EUROZONE Consumer Price Index (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 key way to measure changes in purchasing trends and inflation. Europe’s CPI declined to 8.5%, missing the forecast of 9.0%.

The report is due Thursday, 23 February at 10:00 GMT

UK (GBP): UK Consumer Price Index (YoY) – 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. US fourth quarter GDP increased 2.9%, higher than the forecast of 2.6%.

The report is due Thursday, 23 February at 13:30 GMT

Risers and Fallers

-Crude Oil (-2.75%)

-Dow Jones (+0.39%)

-Meta Inc. (+0.26%)

-GBPUSD (+0.50%)

Crude Oil – Crude oil prices declined 2.75% on Friday, following a week of losses, booking a weekly loss of 4%. Crude oil traded at $76.33 at the close on Friday.

Dow Jones (US30) – The Dow Jones increased 0,39% on Friday, reaching a daily high and low of 33,846.64 and 33,517.73, respectively. The index closed at 33,826.69.

Meta Inc. (NASDAQ: META) – Meta Inc. stocks increased 0.26% closing at $172.88 per share. Meta stocks has increased 38.59% year to date.

GBPUSD – GBPUSD increased 0.50%, closing at 1.2044.

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