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NAGA Weekly Recap December 9 – December 13 - 2024
13 December 2024
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Maxim Bohdan
Markets are absorbing the ECB’s fourth rate cut this year, bringing the deposit rate to 3%, amid political challenges in France and Germany. Nvidia’s 50% workforce expansion in China highlights its AI ambitions, while gold holds above $2,700 on inflation fears. EUR/USD steadies near 1.05 as investors await key macroeconomic data to shape the week ahead.
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ECB Cuts Interest Rates by a Quarter-point to 3%
The European Central Bank has cut interest rates for the fourth time this year amid political turmoil in its largest economies, France and Germany.
Policymakers cut the deposit rate from 3.25% to 3%, having begun cutting from a record high of 4% in June. This is the rate for banks to make overnight deposits and also serves as the main tool for the ECB to steer the monetary policy stance.
*Trading involves significant risk of loss.
Nvidia Expands Workforce in China to Drive AI-Powered Vehicles
Nvidia Corp. ($NVDA) has significantly bolstered its presence in China, hiring hundreds of new employees this year to strengthen its R&D efforts and advance autonomous driving technologies.
The tech giant, now the world’s second most valuable company, is set to close 2024 with a workforce of approximately 4,000 in China, compared to around 3,000 at the beginning of the year, according to sources familiar with the matter. This includes a notable increase of about 200 hires in Beijing, where the company is building a robust team of researchers dedicated to self-driving solutions. Additionally, Nvidia has expanded its after-sales service operations and networking software teams to further enhance its capabilities, one insider revealed.
*Trading involves significant risk of loss.
Gold Settles Above $2,700 After ECB Meeting
$XAUUSD maintains its position above the $2,700 mark as markets react to the European Central Bank's monetary policy decisions and updated US economic data. The latest Producer Price Index revealed higher-than-expected inflation at the wholesale level in November, intensifying investor focus on upcoming central bank actions.
*Trading involves significant risk of loss.
EUR/USD Stabilizes Near 1.05
The euro ($EURUSD) remains anchored near the 1.05 level as markets digest the European Central Bank's decision to cut interest rates by 25 basis points, a move widely anticipated by investors. President Lagarde’s cautious remarks hinted at further data-driven actions but lacked clear signals about the next steps.
Meanwhile, subdued inflation data from the US added to the uncertainty, prompting traders to adopt a wait-and-see approach. The focus now shifts to upcoming macroeconomic releases and their potential impact on the euro's trajectory.
*Trading involves significant risk of loss.
This concludes our weekly recap. Have a great weekend and see you next week! 👋
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.