CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.09% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

76.09% of retail investor accounts lose money when trading CFDs with this provider.

Weekly Recap: USD, EURJPY, Oil, CPI Volatility, Bitcoin & More | Trade Zone with Joe Jeffriess

Published: 11.08.2023
by Joseph Jeffriess

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

The week started on a nervous note with more downgrades of US banks. The USD lifted on the news, and stock indices mainly traded lower. Bitcoin was a surprise mover out of this with a strong rally back to 30K. PayPal launching a stablecoin also helped lift cryptos. Momentum didn’t last as BTC slipped back and remained lacklustre.

The USD had another decent week but remained trapped at resistance. US CPI was a rollercoaster, with the USD declining on the release. Stocks and risk currencies moved higher but faded into the NY session, giving back most of their gains.

Gold struggled with a firmer USD, and oil touched $84 before dropping overnight. Risk majors had a solid week to the Yen, and we saw the EUR hit and close at new yearly highs on Thursday.

With PPI due out today and the FOMC meeting minutes and US retail sales next week, things should remain busy for the USD and major currencies. Will we see the USD continue its rally? Oil, stock indexes, the USD and major currencies remain on the radar with plenty of influences coming out.

Weekly Wrap Video

Have a great weekend.

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