Eightcap Trade Zone Weekly Market Wrap | NFP, Fed Comments, 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, comments, and news, in Forex, stocks, indices, oil, gold, and cryptocurrencies.
Welcome to the first trading week of 2023. We saw a mixed week with direction in some markets, but others struggled for direction. The AUDUSD and DOW produced some solid sessions but failed to get a trend going with the week, ending in a range. The Yen volatility continued, with the majors tumbling early in the week before staging an impressive single-day rally.
It wasn’t all indecision. Gold had a great week, as did the DAX and CAC, as they neared November highs. Oil threatened to re-test the low 70s before buyers returned and the Nikkei returned to key support. Crypto remained positive this week, with some of the major coins recouping some of the heavy losses sustained in the final quarter of 2022. Don’t let this fool you. They still have a long way to go.
Data-wise, the FOMC meeting minutes and last night’s ADP employment data were key market movers. The fed confirmed rates will continue upwards, and last night’s strong employment data cemented those worries, with the USD posting a solid session.
The week ends with US and Canadian employment data, and based on how sensitive the market was to last night’s data, if we see further strong indications tonight, this could give the USD another boost.
Weekly Wrap Video
Have a great weekend and good trading!