NASDAQ rallies to biggest Q1 gain since 2020

Published Tue 04 Apr 2023 02:06 by Market Analyst

Significant events to watch:

-AUSTRALIA (AUD): RBA Interest Rate Decision

-CANADA (CAD): Canada Employment Change

-USA (USD): Nonfarm Payrolls

AUSTRALIA (AUD): RBA INTEREST RATE DECISION – Reserve Bank of Australia (RBA) board members come to a consensus on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. Australia’s interest rate is currently set at 3.60%.

The report is due Tuesday, 4 April at 04:30 GMT

CANADA (CAD): CANADA EMPLOYMENT CHANGE – Employment Change measures the change in the number of people employed. Job creation is an important indicator of consumer spending. Last month’s number came to 21.8K, better than the forecast of 10.0K.

The report is due Thursday, 6 April at 12:30 GMT

USA (USD): 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 was 311K, better than the forecast of 205K.

The report is due Friday, 7 April at 12:30 GMT

Risers and Fallers:

-NASDAQ (+1.74%)

-Meta Inc. (1.97%)

-EURUSD (-0.56%)

-Gold (-0.54%)

Nasdaq – The Nasdaq gained 1.74% on Friday, ending the week with the biggest quarterly gain since 2020. The US Core price index dropped to 0.3% indicating a cooling down of inflation. Nasdaq is trading at 12,221.91.

Meta Inc. (NASDAQ: META) – Meta Platform’s stock increased 1.97% on Friday. Meta’s stock has gained 69.9% year to date. The stock is trading at $211.94 per share.

EURUSD – The Euro was weaker against the US dollar on Friday; the pair declined by 0.564%. The pair reached a daily high and low of 1.0929 and 1.0840, respectively.

Gold – Gold declined 0.54% on Friday after positive US consumer spending data caused strength in the US dollar. Gold is trading at 1,987.00.

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

About Us

Premium Clients

Premium Perks

Trading Markets

Trading Academy Plus

Trading Tools Plus