Weekly Market Breakdown: Forex, USD, Oil, Yen, Crypto and More | Trade Zone with Joe Jeffriess
It was one of those weeks that kept surprising us, one after another. Gold started with a new move back into records after a cease-fire failed in the Middle East. The USD also could have helped, but it was mainly firmer early in the week. Despite all the excitement, gold’s move was short-lived, and it faded heavily after hitting those highs.
Stock indexes mainly saw another decent week. Nikkei’s futures had a wild ride due to the JPY in yesterday’s session. The GER30 touched new weekly highs and we have run over the SPX500 and NDX100 as continuations could be setting up. The ASX200 was another firm performer, as buyers liked the rate hold and message from the RBA.
Oil maintained its move lower, and we have broken down the levels we are watching to see if it hit and if that could spur OPEC action.
Yesterday, the JPY jumped and cut down all in its path. We have discussed this, but at the time of recording, the only real apparent reason looks to be BOJ policy. Has this been another knee-jerk reaction that will be brought back up?
Crypto’s run continued this week. It’s still exciting, and we have run over some of the top performers of the major coins.
To finish the week, we have US employment data. There have been some misses in the lead-up data, so could we see a surprise in the NFP today? The market is looking for 184K; if we see a big miss below, will this maintain USD pressure and set off more buying on stocks and risk currencies?
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