Good day, fellow traders! It’s Adam Harris here, providing you with your latest dose of market insights brought to you by FXGlobe. Let’s take a moment to break down this week’s key events and anticipate what the coming days might have in store for us.
Week in Review: What the Data Told Us
NZD’s Inflation Expectations: A marginal uptick was observed as the NZD inflation expectations gently rose to 2.83%. Even the slightest movements in these figures can cause ripples in the market, so it’s always a number to watch.
USD’s Dance with Inflation: The monthly indicators like Core CPI m/m and CPI m/m showed steadiness at 0.2%. However, the yearly spike to 3.2% undoubtedly made waves and raised eyebrows. In tandem, unemployment claims edged up to 248K, giving traders plenty to digest regarding the US economy.
The UK’s GDP Turnaround: One of the standout figures of the week was the UK’s GDP m/m. It rebounded powerfully, jumping to a notable 0.5% from its previous slump into negative territory.
Technical Chart Movements:
Forex and the JPY Dynamic: JPY crosses distinctly showcased upward trajectories this week. Concurrently, the USD marked a slight ascendancy against the major pairs.
Commodities Corner: In the commodities market, both Gold and Silver experienced discernible dips, while Crude oils largely held their ground.
The Equities Equation: On the equities front, global indices felt a slight pressure downwards, yet they held firm without major declines. This resilience underscores the current strength in the market.
What Lies Ahead?
As we navigate the forthcoming week, here are the highlights:
Australia’s Economic Pulse: The RBA’s Meeting Minutes are always a significant event. Add to that a forecasted 0.8% Wage Price Index q/q, and Australia is set to be under the spotlight.
UK’s Employment Scenario: The upcoming Claimant Count Change will be pivotal in assessing potential shifts in the UK’s job market.
Inflation & Consumption in North America: Canada prepares to delve into its inflation data, while the US is slated to announce key figures around Retail Sales and the Empire State Manufacturing Index.
New Zealand’s Monetary Policy in Focus: With the Official Cash Rate announcement coupled with RBNZ statements, NZ’s financial strategy will be a focal point.
The Weekly US Unemployment Rundown: As always, the US weekly Unemployment Claims will be keenly watched by traders across the globe.
For traders, the coming week seems to lean towards currencies and metals as areas of particular interest. But, as always, the market’s dynamism is its most predictable feature. Remember to stay sharp and trade intelligently!
