Weekly Market Breakdown: FX, Commodities, Indices, & Crypto Analysis | Trade Zone with Joe Jeffriess
Welcome, and thank you for tuning in to this week’s breakdown. Data-wise, this week was less busy than last, but we still had Fed member comments and Powell’s comments driving movement on the USD. Risk Majors and Gold didn’t have the best week. While we saw movement, they finished choppy.
Stock indexes, on the other hand, were mainly higher. The SPX500, Nasdaq, JPN225, and GER30 are all setting new highs for 2024. The S&P500 crossed 5000 for the first time as well. Oil was another that saw a sold week of buying, as did major Crypto coins. BTC returned to centre stage, adding 7%.
Will we see buyer momentum carry over into next week? There could be a few surprises as data heats up with U.S. inflation data. Traders will be focused on US CPI, PPI and Retail Sales. Australian Employment data is also a focus as hotter than expected could muddy rate hike hopes. We also have UK CPI and GDP coming out as well.
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