Weekly Market Breakdown: US CPI, USD, Oil, Risk ON, Crypto and More | Trade Zone with Joe Jeffriess

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

Today’s video focuses on the performance of some of the major markets this week. Breaking down their charts and going over current price action, including the support and resistance levels to look out for.

US CPI was a big one this week. Data showed that US CPI has continued to cool, coming in at 3.2%, well below the last data of 3.7%. This shocked the market and led to sellers hammering the USD and trader-diving back into risk assets like US stocks and currencies like the EUR and GBP.

The PPI also missed expectations, while retail sales data came in better than expected. This set the tone for inflationary data this week out of the US. One now starts to think, Have we seen the last rate rise in the US this year?

Gold moved higher into Friday, but oil continued to dive lower. On Thursday, sellers hammered the November low with a 4.50% plunge. Traders look to be well and truly over Middle East tensions, and demand worries look back in vogue.

We have touched on a few markets that are back-testing resistance, like the AUDUSD, NDX100 and US30. Will we see buyer momentum continue?

This week, Crypto remained in the spotlight with SOL, AVAX, and a few other coins driving to new highs. Trade was a touch more choppy, with declines setting in on Thursday. SOL was hit hard, dropping 13% after touching new highs.

Next week, we have FOMC meeting minutes on Wednesday; traders will also be watching Canadian CPI, comments from the RBA and their monetary policy meeting minutes. The Week finishes with German, French, EU, UK, and US flash PMI manufacturing and services data.

Weekly Market Breakdown video analysis.

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