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Recap: USD Rally, U.S. Downgrade, RBA Rate Hold, NFP & More | Trade Zone with Joe Jeffriess

Published: 04.08.2023
by Joseph Jeffriess

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

This week risk was mainly lower to the USD after Fitch downgraded the US from AAA to AA+. The USD accelerated mid-week testing the 102.70s. The downgrade also rattled confidence in stock markets. Selling continued into Thursday, but US indexes found some reprieve after positive earnings data.

The RBA surprised the markets, holding rates at 4.10%. This sent an already weaker AUD sharply lower. The UK raised rates as expected, and the GBP fount back from session lows after testing 1.2615.

Oil saw plenty of movement this week after a 3% drop, price recovered close to 2.50% after production cuts were extended into September and Russia announced cuts.

We have US employment data to end the week and it could be important to the rates situation. Hotter than expected data could continue rates worries. Next week the story continues with US CPI and PPI.

Are we set to see the USD continue its run? Have US indexes set to see more downside?

Weekly Recap Video

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