Economic and fundamental developments 10-02-2022

10 Feb 2022 10:46 AM

US stock indices rose yesterday, followed today by Asian indices and others supported by the rise in the technology sector. The good quarterly season has satisfied many traders, boosting their confidence. In addition, news regarding the geopolitical tensions between Russia and Ukraine being subsided have lifted some of the concerns.
Oil prices witnessed some consolidation even after crude oil inventories fell by 4.8 million barrels reported by the US Energy Information Administration. The Russian-Ukrainian political tension has subsided after the French president said he believed steps could be taken to calm the crisis
Gold prices rose today, Thursday, above $ 1830 an ounce, benefiting from fears of high global inflation. Silver prices also rose for the fifth consecutive session, trading above 23.30 dollars an ounce.
Inflation data will be released in the US today, and many traders will set their eyes on the reading. The CPI reading could give traders an impression of how quickly the Fed will hike their interest rate. Expectations indicate that the annual consumer price index may rise to its highest level in more than 40 years.

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