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Hi,
What a data-packed week that was!
The catalyst for the market was the US gross domestic product (GDP) which surged at a 3.4% annualized rate in the fourth quarter of 2023, surpassing earlier estimates of 3.2%.
Robust consumer spending and increased business investment fueled the economy during this period.
Despite the impressive growth, Q4 GDP was slightly lower sequentially compared to Q3, which stood at 4.9%.
Additionally, the US gross domestic income (GDI) rose by 4.8% in October-December 2023, marking the strongest growth in two years.
For the entirety of 2023, the US economy expanded by 2.5%, up from 1.9% in 2022.
This combination of solid growth and moderating inflation raises hopes of a "soft landing," from the Federal Reserve.
Market participants are also closely eyeing the economic data, expecting the Fed’s first cut to materialize in June.
See how top MTI-analysts are making sense of this data right now. Click here to know more.
Here's a scoop of other market movers from the week:
1. Stable Job Market: The number of Americans filing for unemployment benefits remained low, with last week's claims falling slightly to 210,000. The consistent low levels of unemployment filings indicate a robust job market.
2. Rising Consumer Sentiment: US consumer sentiment saw a notable uptick towards the end of March, driven by strong stock market performance and expectations of easing inflation. The University of Michigan's sentiment index climbed to 79.4, the highest level since mid-2021.
See how we are trading this trend.
3. Spain’s Inflation: Consumer prices rose by 3.2% in Spain compared to the previous year, and also accelerated from the previous month's 2.8%. This uptick was primarily driven by higher electricity and fuel prices.
4. France Consumer Confidence: France’s consumer confidence improved slightly in March, with the sentiment index rising to 91 from 90 in the previous month.
That’s a wrap for this week! To your success, Tad DeVan
Senior Currency Strategist
Market Traders Institute |
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