FXGlobe Weekly Market Review: A Pivotal Week for Traders

fxglobe weekly market review a pivotal week for traders

A Recap of This Week’s Economic Data

This week, the Australian Dollar was in focus, with its Cash Rate standing steady at 4.10%. Likewise, its GDP numbers showed a moderate increase of 0.4% on a quarterly basis. In Canada, the Bank of Canada kept its Overnight Rate at 5.00%, with Governor Macklem speaking later in the week. For the United States, the ISM Services PMI outperformed expectations, coming in at 54.5 compared to the forecasted 52.5. Unemployment Claims were slightly better than last week, reported at 216K.

In the Charts

The U.S. Dollar reigns supreme for the eighth consecutive week, pushing down on major currencies such as the Euro and the Pound. Precious metals like Gold and Silver also saw declines. Surprisingly, Crude oil broke the trend, ending the week on a positive note.

What’s Coming Up? The Economic Calendar for Next Week

Tuesday, September 12

  • GBP: Keep an eye on the Claimant Count Change scheduled for release at 7:00 a.m.

Wednesday, September 13

  • GBP: GDP m/m expected to be 0.5%.
  • USD: Core CPI and CPI data will be out at 1:30pm.

Thursday, September 14

  • AUD: Employment Change and Unemployment Rate set to be announced early in the morning.
  • EUR: The Main Refinancing Rate and Monetary Policy Statement due at 1:15pm.
  • USD: Core PPI and Retail Sales data out at 1:30pm.

Friday, September 15

Here’s an interesting chart for traders this coming week, Crude Oil 4hour currently consolidating, and could break out to the upside, or retrace lower before resuming its bullish momentum.

weekly 8 sep 2023 us oil spot H4 timeframe

With a week full of data releases ahead, traders should be vigilant and plan their strategies carefully. Understanding both current trends and upcoming economic events is crucial for any informed trading strategy.

Adam Harris

FXGlobe Ambassador Adam Harris is based in London, UK. He’s been trading professionally since 2013 and his specialties are technical and trend-based trading.

Trading Advice Disclaimer:
Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

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