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Eightcap Trade Zone Weekly Market Wrap | US CPI, Oil Shake Up, USD Jump, Metals, Crypto and More

Published: 13.10.2023
by Joseph Jeffriess

Thanks for checking out this week’s wrap-up.

This video focuses on a selection of major markets breaking down their charts. We have run over current price action, including support and resistance levels, to look out for.

It’s been a busy week so far for several reasons, and the week started with oil gapping higher and stock index futures trading sharply lower. Risk markets recovered as the week progressed. Stock indices and currencies were pushing higher before Thursday’s FOMC meeting minutes, and CPI data stopped the rally. Oil couldn’t find support at those higher prices and filled its gap to the downside.

The message that rates may stay higher for longer, combined with CPI data coming in above expectations, was enough to see risk move lower. It also sent the USD soaring, but we have asked a few questions in today’s video about these moves and how they look on the daily charts.

Next week, traders will continue to watch the situation in the Middle East and how the market is seeing the latest CPI and Fed comments. Will we see any surprises from the RBA minutes or Australian Employment data? Yields are another to keep on the radar, as is UK CPI.

Weekly Wrap Video

Have a great weekend.

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