Recap: USD Rally, FOMC, Yields, Crypto Crunch & MORE | Trade Zone with Joe Jeffriess
Thanks for checking out this week’s wrap-up.
It was another positive week for the U.S. Dollar (USD) as retail sales surprised to the upside, and the Fed continued its hawkish tone after the FOMC minutes. The GBP ignored the dollar’s strength and continued to push higher. Weaker employment data and a stronger USD rocked the AUD. Gold continued its grind lower.
Stock indexes traded mainly lower this week, with earnings and the Fed in the mix. Late in the week, sellers continued to push as yields popped, which maintained the current worries. We saw 15-year highs for yields on some bonds on Thursday.
Crypto was crunched on Friday morning. The damage was fast and furious. Bitcoin dropped below 25k, and Ripple was dusted, dropping 16%. The carnage was across most coins, but fightbacks progressed throughout Friday.
Attention will remain on yields into next week and its influence on the USD. Crypto-wise, was Friday overdone? Or will we see more pushes lower?
Weekly Wrap Video
Have a great weekend.
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