US inflation is down, dropping from 9 to 3.2% in the past year

Significant events to watch:

-GBP: U.K. Consumer Price Index (CPI) YoY

-EUR: Eurozone Consumer Price Index (CPI) YoY

-NZD: RBNZ Interest Rate Decision

U.K. Consumer Price Index (CPI) 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.

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. The last months forecasted data was 8.2% while the actual was 7.9%.

The report is due Wednesday, August 16, 2023, 11:30 GMT

Eurozone Consumer Price Index (CPI) 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. The last released data was same as the forecast 5.3%.

The report is due Friday, August 18, 2023 14:30 GMT

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. The previous actual data was same as the forecast.

The report is due Wednesday, August 16, 2023 07:30 GMT

Risers and Fallers

-Nasdaq (-0.69%)

-Meta Inc. (-1.34%)

-GBPUSD (+0.10%)

-Crude oil (+0.45%)

Nasdaq – The Nasdaq was down 0.69% on Friday, reaching a daily high and low of 13,720.33 and 13,609.98, respectively. The Nasdaq is trading at 13,644.85.

Meta Inc. (NASDAQ: META) – Meta stock declined 1.34% on Friday. Meta is using AI strategically to improve their internal processes and thereby increase advertising profits. Meta has gained 141.81% year to date. The stock closed at $301.64 per share on Friday.

GBPUSD – GBPUSD gained 0.10% on Friday. GBPUSD is trading at 1.2692.

Crude Oil – Crude oil increased 0.45% on Friday, reaching a daily high and low of $83.81 and $82.23, respectively.  Crude oil is trading at $83.04 per barrel.

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