Weekly Market Recap

JULY 16  – JULY 22, 2023

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Hi,

It was another eventful week in the financial world, packed with significant announcements. Among them, the Fed’s Beige Book report stood out.

The report revealed that U.S. districts reported modest growth in economic activity during May. 

While the data on consumer spending was mixed and lending activity softened, real estate demand remained steady due to low inventories. 

The report also highlighted tight labor markets with wages experiencing slower but continued growth. Additionally, slight increases in prices were observed, while price expectations for the upcoming months remained generally stable.

Although the report showed improvement on several fronts, certain factors deviated from consensus, potentially influencing the Fed’s stance on interest rates. 

These developments could reshape the financial landscape in the coming months, making it an exciting time to be a trader. 

Find out more about these market-altering changes from our seasoned analysts – click HERE!

Now, let’s delve into the top stories that influenced the markets this week:

1. In June, consumer price index (CPI) inflation came in at 3.0%, falling below expectations of 3.1% and down from May’s 4.0%. The core CPI also remained below 5%.

2. Producer pricesexperienced a greater-than-expected slowdown in June. The year-on-year gain in the producer price index (PPI) reached 0.1%, the smallest increase since August 2020, following a 0.9% rise in May.

3. The Small Business Optimism Index reached a seven-month high in June, with the most significant increase since August 2022. Business conditions outlook improved, and more firms anticipate higher earnings in the next three months.

4. The Information Energy Agency (IEA) revised its forecast for global oil demandgrowth, reflecting a downward view of advanced nations. The agency now predicts a 2.2 million barrels per day (mbpd) increase in demand for 2023, down from last month’s 2.4 mbpd estimate.

Undoubtedly, it has been a week filled with notable events and market influences.

Join our upcoming free workshop to gain valuable insights on how to best prepare for these market trends. You can RSVP here >>

To your success,
Tad DeVan
Senior Currency Strategist
Market Traders Institute 

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