Weekly Recap: USD, EURJPY, Oil, CPI Volatility, Bitcoin & More | Trade Zone with Joe 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.
* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.
Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.
Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.