Welcome Traders,

The past week has been brimming with market-moving data, leaving traders on their toes as they navigated through the highs and lows. Here’s a comprehensive recap.

Economic Indicators and Market News

In Canada, the CPI month-over-month came in at 0.4%, surpassing the forecast of 0.2%. Similarly, the Median CPI year-over-year outdid expectations, coming in at 4.1%.

Across the Atlantic, in the United Kingdom, the CPI year-over-year was reported at 6.7%, falling short of the 7.0% forecast. Meanwhile, the Monetary Policy Committee had a surprising split vote, with the official Bank Rate remaining at 5.25%.

In the United States, the Federal Reserve kept the Federal Funds Rate stable at 5.50%. Additionally, Unemployment Claims improved notably, registering at 201K against the forecast of 224K. The New Zealand Dollar also impressed investors with its GDP growth of 0.9% for the quarter, defying the expected 0.4%.

Chart Analysis: The Story So Far

In terms of chart movements, the U.S Dollar stayed relatively stable, with EURUSD holding above the 1.0650 mark. Gold has remained flat for the week, and Crude Oil enjoyed a brief retracement but ultimately closed no higher.

Most notably, the global indices have been on a losing streak. For some, this marks the third consecutive week of closing significantly lower, reinforcing the notion that September could end up being the worst-performing month of the year.

The S&P500 Weekly is testing support; can it recover from here?

13weekly 22sep2023 sp500weekly

Gold Daily is testing the upside of the trendline again; let’s see if it succeeds in breaking out to the upside.

13weekly 22sep2023 golddaily

Oil (Weekly) is testing resistance and producing an indecision candle, which could indicate a change in direction is about to occur.

13weekly 22sep2023 crudeweekly

EURUSD daily is trying to form a double bottom, and the coming days will see if it can turn around.

13weekly 22sep2023 eurusddaily

What to Watch For: Key Events in the Coming Week

As we look ahead, several pivotal data releases are on the horizon. On Tuesday, U.S Consumer Confidence figures will be under the spotlight. Wednesday brings the Australian year-over-year CPI. Also, don’t forget to tune in for Federal Reserve Chair Powell‘s speech on Thursday.

Moreover, upcoming figures on the German ifo Business Climate, U.S Final GDP for the quarter, and many other significant events mean traders should brace themselves for another action-packed week.

Closing Thoughts

The next week could potentially be extremely volatile, more so than average, so traders would be wise to manage their risk and exposure carefully.


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