Eightcap Trade Zone Weekly Market Wrap | Fed Comments, PPI, Forex, Indices, Gold, Crypto, & more
Welcome to this week’s wrap-up traders. Instead of focusing on a single market, we have provided an overview of the key data, Fed comments, PPI announcements, and news and updates from Forex, Stocks, Indices, Oil, Gold, and Cryptocurrencies.
Some indecision on a few markets this week while others tracked lower. The Bank of Japan (BoJ) didn’t adjust its yield levels which sunk the JPY in the short term, and this was short-lived as the JPY pulled back most of its losses in the NY session. UK inflation came in at 10.5%, and while it was slightly lower than the last data, it’s still 10.5%.
The GBP has had a solid week while the AUD has struggled. Producer Price Index (PPI) came in lower, but this wasn’t enough to stop Fed members from talking about inflation remaining too high and rates continuing upwards. The Dow lost momentum and could post its first losing week after two weeks of gains. European indexes, which have been raging, also took a breather this week and could also end the week lower.
Gold had a standout Thursday. That session really saved the week. After trading lower most of the week, Thursday produced a stunning session that saw 1935 retested.
Crypto was mixed and ranges mainly smaller after last week’s surges. This might not be such a bad thing as we want to see if last week was the real deal and if we will see further buying to confirm new trends are heading med-long term.
This week’s wrap-up Video
Have a great weekend and good trading!