Weekly Market Breakdown: RBA, USD, Oil, Crypto Rally, Stocks and More | Trade Zone with Joe Jeffriess
The USD spent most of the week trying to make up for lost ground after last Friday’s hammering. Despite the RBA raising rates, the AUD lost a fair amount of gains to the USD, even with the central bank leaving the door open for another rate rise.
Oil was a big mover this week, dropping to monthly lows as traders continue to gauge tensions in the Middle East and demand worries. Gold and silver moved lower with the USD firming, which is no major surprise.
The AUD was weaker than the JPY, but the EUR and GBP remained firm. The USD has also been fighting back and is trading back above 151. Could new monthly highs force the BoJ hand?
Crypto remained in focus, with buyers maintaining their interest. The top coins all continued to hit new weekly highs. BTC is coming very close to 38K, and ETH retaking 2K. Solana was another star this week, hitting $48. Buyers adding over 100% since last month!
Stock indices moved mainly lower this week, with Fed Powell’s comments not helping confidence on Thursday. We are looking at a few EU indexes on the sell side in today’s LON and EU sessions.
Next week, data picks up with US CPI and PPI. We will also be watching Australian employment data, UK CPI and Chinese industrial production figures.
Weekly Market Breakdown Video
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