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Recap: AU CPI, NFP, Nasdaq rally, Forex, Indexes, Oil, Crypto & MORE | Trade Zone with Joe Jeffriess

Published: 01.09.2023
by Joseph Jeffriess

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

This week was a touch choppy for the USD and risk majors. The AUD cut back from gains after weaker CPI data and firmer USD. The Nasdaq and SP500 had solid weeks with strong buying. Gold backed up last week’s run with further gains, mainly ignoring the USD’s fightback from lows.

Oil was a surprise this week. Buyers lifted prices above weekly resistance and looked to confirm a higher low continuation. Inflation remains a topic, so if Oil really gets going, could that become an issue?

Crypto continues to whipsaw off industry-related news. After a stunning rally, the prices quickly retreated, pulling back most gains after the SEC delayed the spot ETF decision for all applicants. This took the wind out of the sails. Some coins like ADA are very close to resuming long-term downtrends sitting around longer-term demand areas.

Tonight, US employment data is due. Could any misses set off further volatility? The data is due at 8:30 a.m. EST.

Have a great weekend.  

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