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19 March 2024 | FXGT.com
Weekly Market Recap
- The U.S. dollar index climbed by 0.70% during the previous week, driven by higher-than-expected inflation figures. February’s Consumer Price Index (CPI) increased by 0.4%, slightly higher than January’s figure, with core CPI also beating forecasts. Notably, a 3.2% year-on-year increase in consumer prices and higher-than-expected Producer Price Index (PPI) figures led to a surge in U.S. Treasury yields. Additionally, the low number of jobless claims highlights a robust economy, contributing to the dollar’s strength. These factors suggest ongoing inflation pressures and economic resilience, potentially leading the Federal Reserve to postpone its anticipated rate cuts.
- U.S. stock indexes closed downwards for the second consecutive week, primarily due to a pullback in technology stocks amid inflation concerns. The S&P 500 declined slightly by 0.1%, the Dow by less than 0.1%, and the Nasdaq took a harder hit, dropping by 1%. With inflation figures surpassing expectations, investors await the Federal Reserve’s meeting for guidance on interest rates.
- Crude oil concluded last week with a 4% increase, boosted by the International Energy Agency (IEA)’s upgraded demand projections for 2024 and an unexpected drop in U.S. stockpiles. Marking its fourth revision since November, the IEA now expects a demand surge of 1.3 million barrels per day, indicating a potential supply deficit. Concurrently, the U.S. witnessed its first inventory reduction in seven weeks, a result of heightened refinery output and diminishing gasoline supplies. These factors, combined with Ukrainian assaults on Russian oil facilities, have supported the upward movement in oil prices.
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