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RBA Surprise, Crypto volatility, Unemployment Claims Hit USD | Weekly Market Wrap with Joe Jeffriess

Published: 09.06.2023
by Nick Alexander

Welcome to this week’s Market Wrap. We appreciate you taking the time to join us. It was a week of mixed outcomes, with some notable events shaping the market. The unexpected rate hike by the RBA provided a boost to the AUD, while the Bank of Canada also made a decision to raise rates. However, the key driver that dominated the scene was the USD’s influence on the USDCAD pair. Let’s delve into the details of these developments.

The USD performed well for much of the trading week before U.S. Unemployment claims shocked to the upside, hitting the USD with thoughts it could be a sign that the U.S. economy is beginning to slow down and rates could start to be paused. Next week looks to be a barometer.

Gold and Oil experienced mixed performances throughout the week. While Gold’s performance remained uncertain, Oil faced challenges as it failed to maintain its upward momentum following the significant drop in OPEC news on Thursday. Moreover, concerns over demand further impacted the performance of Oil.

We can’t forget Crypto after the SEC hit Binance with charges. We also heard that banks are cutting Binance’s access to the U.S. banking system. This story is definitely continuing to develop, so watch this space.

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