NAGA Weekly Recap December 9 – December 13 - 2024
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 $2,700 on inflation fears. EUR/USD steadies near 1.05 as investors await key macroeconomic data to shape the week ahead.
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ECB Cuts Interest Rates by a Quarter-point to 3%
The European Central Bank has cut interest rates for the fourth time this year amid political turmoil in its largest economies, France and Germany.
Policymakers cut the deposit rate from 3.25% to 3%, having begun cutting from a record high of 4% in June. This is the rate for banks to make overnight deposits and also serves as the main tool for the ECB to steer the monetary policy stance.
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Nvidia Expands Workforce in China to Drive AI-Powered Vehicles
Nvidia Corp. ($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.
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Gold Settles Above $2,700 After ECB Meeting
$XAUUSD maintains its position above the $2,700 mark as markets react to the European Central Bank's monetary policy decisions and updated US economic data. The latest Producer Price Index revealed higher-than-expected inflation at the wholesale level in November, intensifying investor focus on upcoming central bank actions.
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EUR/USD Stabilizes Near 1.05
The euro ($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! 👋
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