Overall positive week for major US stock indices as markets end the week off with a rally

Published Tue 07 Mar 2023 03:25 by Market Analyst

Significant events to watch:

-JAPAN (JPY): JAPAN Gross Domestic Product

-UK (GBP): UK Gross Domestic Product

-USA (USD): US Nonfarm payrolls

JAPAN (JPY): JAPAN GROSS DOMESTIC PRODUCT (GDP) – QoQ – Gross Domestic Product (GDP) measures the 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. Japan’s GDP declined to 0.2%, lower than the forecast of 0.5%.

The report is due Wednesday, 8 March at 23:50 GMT

UK (GBP): UK GROSS DOMESTIC PRODUCT – 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. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP. UK GDP declined to -0.5%, lower than the forecast of -0.3% and lower than the previous month which was 0.1%.

The report is due Friday, 10 March at 07:00 GMT

USA (USD): US Nonfarm payrolls – Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity. Last month’s NFP reached 517K, better than the forecast of 185K.

The report is due Friday, 10 March at 13:30 GMT

Risers and Fallers

-Nasdaq (+1.97%)

-Amazon Inc. (+3.01%)

-Crude oil (+2.10%)

-USDJPY (-0.63%)

Nasdaq – The Nasdaq rallied on Friday, gaining 1.97%. All three stock majors posted a positive week as US treasury yields slowed down amidst Fed officials’ reassuring comments of inflation and interest rates. The tech index closed at 11,689.01.

Amazon Inc. (NASDAQ – AMZN) – Amazon’s stocks surged 3.01% on Friday, with shares reaching a daily high and low of $94.94 and $92.66, respectively. Amazon closed at $94.90.

Crude Oil – Crude oil 2.10% on Friday reaching a daily high and low of $79.90 and $75.83, respectively. Crude closed at $79.85 per barrel.

USDJPY – The USD pulled back slightly against the Yen and the pair declined 0.65% on Friday. The price might move to ¥136 level, considering the ¥135 being a significant support level. The pair is trading at ¥135.88.

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