RBA Surprise, Crypto volatility, Unemployment Claims Hit USD | Weekly Market Wrap with Joe Jeffriess
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.
Don’t forget to subscribe to the Eightcap YouTube Channel! Turn on your alerts and be notified when Andrew or other Eightcap content is available.
* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.
Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.
Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.