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Eightcap Trade Zone Weekly Market Wrap | Fed comments, Fed Policy, RBA, Forex, Indices, Gold, Crypto, & more

Published: 10.02.2023
by Joseph Jeffriess

Welcome to this week’s wrap-up traders. Instead of focusing on one market, we have done a walk-around in today’s video, looking at some of the key data, Fed Policy, and Reserve Bank of Australia. As well as analysis of assets in Forex, Stocks, Indices, Oil, Gold, and Cryptocurrencies.

Risk markets faired ok to start the week, and the RBA lifted rates by 25 points as expected, which gave the AUD a good boost into Tuesday night. Powell’s comments signalled an end to inflation, but also suggested we would see further rate increases moving forward. Risk markets liked this, and we saw positive reactions from risk markets into Wednesday. Thursday saw a real shift in momentum. Further Fed member comments leaned toward the hawkish side, and we feel the market is a little uncertain about exact what the Feds policy is.

Thursday’s NY session saw a solid shift back to safe havens. The USD fought back from lows, gold declined, and crypto was whacked. What has been a solid period for crypto is now under pressure as sellers moved back in. Today has seen a mixed session, with some of the top coins sinking lower while BTC and ETH have been holding up. Gold hit new weekly lows, and some risk majors like the AUD and EUR look to form bearish setups like gold.

The Dow remains rangebound, while the Nasdaq and SP500 saw pullbacks after a few days of losses. Oil is another market stuck in a wider range and currently sits mid-range.

It’s been another mixed week, and a few markets continue to look for influence to break the deadlock. Crypto has pulled back, but for now, things still look ok, and we will continue to look for evidence that the current trend may continue.

The USD breakout is still a thing, and we are looking forward to some key data next week to give us more idea on what’s happening in a few price pictures.

What to look out for next week:

US CPI data

UK CPI data

US PPI data

Weekly Wrap Analysis Video

Have a great weekend

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