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Risk Rally, US CPI, Forex, Indices, Gold, Crypto, & MORE | Eightcap Trade Zone Weekly Market Wrap

Published: 14.04.2023
by Joseph Jeffriess

Hi, and thanks for tuning into this week’s weekly wrap. Today’s video looks over this week’s news and market moves. We also look out to next week and break down technical levels and moves that caught our eye.

US inflation was in focus this week, with US CPI and PPI being released. The data came in lower than expected and combined with fed comments suggesting the banking crisis might not be over yet and could also be a US recession risk, this did the USD no favors, and it continues to move lower, beating the February low.

The fed comments did have a short-term effect on US indices, but they shook it off rather quickly with strong rallies on Thursday to cap off another firm week. We have broken down the moves in today’s video. Staying with indices, the FRA40 was on fire this week, breaking above its 2022 high. Out of the major indices, it’s been the only one to beat that level.

Risk majors jumped to the USD, and the EUR and GBP hit new yearly highs. The AUD pulled back losses but remains at a decent level of resistance. The situation was very similar to the JPY, but the USD struggled, losing ground.

Oil popped above key resistance and continues to threaten a new move toward the mid-80s if buyers can hold momentum.

Gold was a big one this week. With a weaker USD and the banking crisis lingering, buyers continued to pour into the precious metal, pushing back to levels not seen since February 2022. Crypto was another to watch, with Bitcoin and Ethereum leading the way. BTC contuse to hold in the 30K area, and ETH stormed back above 2000 in yesterday’s session.

US retail sales are due today, which could add to the USD pain. With this in mind, we will be watching BTC, ETH, Gold, EURUSD, and GBPUSD tonight as we could see further pushes into higher prices if the USD continues to sail lower.

Weekly Wrap Video

Next week, UK CPI and Friday’s services and manufacturing PMI data are ones to watch.

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