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Debt Ceiling, USD Rally, GOLD, FOREX, Indices & Crypto | Weekly Market Wrap with Joe Jeffriess

Published: 19.05.2023
by Joseph Jeffriess

Interesting week, the USD breakout continued, and USDJPY joined in with a break above key resistance. That level had stood since December 2022. Due to the USD strength and JPY weakness, we saw a mixed week from the risk majors to the safe havens.

Progress in the debt ceiling talks look to be helping the USD at the moment. They have also helped stock indexes, with the SP500 and Nasdaq hitting new highs not seen in several weeks. The Nasdaq broke the AUG high, and the SP500 cleared resistance. Off the back of a weaker Jen and foreign investment talk, the JPN225 reached and broke its 2021 high. I have run over a few things to watch price-wise on indices next week.

Oil continues to trade above $70 but still has more work to do to get a new uptrend going. Gold has been lower due to the USD and could be set for more downside after breaking support.

Crypto has moved through fast trends but looks to be ranging up. XRP was a standout this week with a 10% move higher.

Eyes will be on Fed Chair Powell’s comments early tomorrow morning local time (AEST).

Eightcap Weekly Wrap Analysis

Have a great weekend.

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