Weekly Market Analysis / 9 January- 13 January 2023

In global markets, Euro Zone inflation and non-farm employment data in the USA came to the fore. Consumer prices in the Euro Area increased by 9.2% in December compared to the same month of the previous year. Thus, the Eurozone ended 2022 with single-digit inflation. The Fed warned in the minutes of its December 13-14, 2022 meeting that "unnecessary" easing of financial conditions would harm efforts to achieve price stability. Non-farm employment in the USA increased by 223 thousand in December 2022. The unemployment rate fell to 3.5%. Average hourly earnings increased by 0.3% month-on-month. The data pointed to strong demand for labor in line with leading indicators. Ounce of gold continued to be priced upwards last week.