Welcome to this week’s FXGlobe.com market overview!
As your Ambassador, Adam Harris, I’m here to guide you through the recent twists and turns in the global financial markets.
Economic Highlights from Last Week:
US Dollar: The USD displayed resilience, pushing back against other major asset classes. Despite this, Gold, Cryptos, and Global Indices recorded notable gains.
Gold, Cryptos, and Global Indices: These asset classes stood out with significant gains. However, a correction may be looming, which could provide opportunities for keen market watchers.
Key Economic Data: Last week was packed with important economic updates:
US Consumer Confidence showed a slight improvement, potentially signaling a more optimistic outlook among American consumers.
New Zealand’s Official Cash Rate: Remained steady, reflecting the Reserve Bank of New Zealand‘s current monetary policy stance.
German Preliminary CPI: The drop in this key inflation indicator could have implications for the European Central Bank’s policy decisions.
What do the charts have to say?
EURUSD has now retraced back to a potential level of support. The coming week will test this level, and it could go either way.
Bitcoin has now broken up and out of an ascending triangle, but the momentum indicators still show weakness, so it’s going to be interesting to see if this turns into a failed breakout or fakeout.
Here we can see the DOW30 is unusually over-extended and certainly the possibility of a retracement could be on the cards in the coming days.
Gold is boldly testing the upper historical levels and may even break through. Will 2024 be the year that Gold enters new levels?
Looking Ahead – What to Watch:
Upcoming Economic Releases: The coming week is filled with potentially market-moving data, including the US ISM Services PMI and JOLTS Job Openings. These indicators will provide further insight into the health of the US economy.
Central Bank Speeches: Speeches from central bank officials, including the BOE Governor and the Fed Chair, will be closely monitored for any hints on future monetary policy directions.
Don’t forget the big Kahuna- Non-Farm Payroll on the Friday!
Most traders will only be watching from the sidelines, as the increase in volatility dramatically increases the risk of engaging in the markets.
As we step into another week of trading, it’s crucial to keep an eye on these developments. Remember, market conditions can change rapidly, so staying informed is key to navigating the financial markets successfully.
That’s all from me for now. Remember to keep calm and carry on trading, and for more insights, visit FXGlobe.com.
