The first week of 2024 was marked with pullback on equities and strengthening of the US dollar, as investors erased part of the late-2023 market moves. The next week is also looking interesting - traders will be offered US CPI data for December as well as the first Wall Street earnings reports for Q4 2023. Be sure to watch GOLD, US500 and EURGBP in the week ahead!
GOLD
USD weakening triggered after December FOMC meeting was halted at the turn of 2023 and 2024, and greenback started to recover at the beginning of a new year. This, in turn, has put precious metals under pressure. US CPI data for December scheduled for the coming Thursday, 1:30 pm GMT will be watched closely to see whether price growth in the United States re-accelerated in the final month of 2023 as it did in Europe. Higher-than-expected reading could push back pricing of the first rate cut and be negative for gold and other precious metals.
US500
Stock traders are about to get a final look at 2023 soon, as Wall Street earnings season for Q4 2023 begins next week. As usual, financial companies will be the first to report quarterly results. Among next week's highlights one can find reports from Bank of America, BlackRock, Citigroup, JPMorgan Chase, Bank of New York Mellon and Wells Fargo. All of these companies will report next Friday ahead of the Wall Street session open.
EURGBP
EURGBP is one of the FX pairs that may see some moves next week as some noteworthy data from Germany and the United Kingdom will be released. Traders will be offered German factory orders data for November (Monday, 7:00 am GMT), German industrial production data for November (Tuesday, 7:00 am GMT) as well as UK monthly GDP report for November (Friday, 7:00 am GMT). British pound has been outperforming euro as of later, with EURGBP dropping below the 200-session moving average this week.
