Weekly Market Wrap with Joe Jefriess | Forex, Stock indexes, Oil, Crypto & more
Welcome to this week’s wrap-up traders.
Instead of focusing on one market, we have done a walk-around in today’s video, taking a look at some of the key data, comments and news that hit the market. We have also done an analysis walk-around, looking at #FOREX, #stocks, #indices, #oil, #gold and #cryptocurrencies.
We had a surprising week, crypto showed us a heartbeat, and we saw some mixed action on US indexes as earnings came in mixed between the sectors. The week started with Chinese GDP dropping and beating expectations. The USD took a dive on Tuesday and Wednesday and set off solid rebounds from risk currencies. The AUD put on close to 3% against the USD. Australian CPI data hit levels not seen since the 90s, and UK services and manufacturing data slipped. The UK also swore in a new PM, and the GBP saw a solid week, mainly adding over 1% to the USD.
Earnings was also a double-edged sword as Meta badly missed the mark, and its stock took a beating. The Nasdaq failed to see the drive that was seen on the Dow and lost most of its midweek gains on Thursday. The ECB met expectations with a rate increase to 2%, but the BOC surprised by only raising rates to 3.75%
We saw some solid moves in crypto this week, with ETH and Doge being some of the stars. In today’s video, we have broken down the moves and what we want to see to confirm that we could have a new trend underway and not just a flash in the pan. We have also done this over US indexes, oil and Forex.
To end the week, we have some high impact coming out. At 11:30 AEDT, we have Canadian GDP and US core PCE price index.
To finish, things continue to lean further to the bull side, but we want to see patterns complete to give us further confirmation that buyers really are in control.
Have a great weekend and good trading.
Weekly Wrap Analysis Video
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