Last week was a busy week but with the long Easter break the week ended more subdued. An unexpected oil production cut from OPEC+ which spiked oil price. The week ended with Non -Farm Payrolls which came inline so now the market will be looking towards the Fed and if the tightening cycle has come to an end.
Euro had a positive week as both PPI and PMI came in line with expectations. The single currency traded broadly flat on the week vs its peers but gained vs the US Dollar as the dollar had a broadly weaker week.
GBP had a better week though the economic data is still not pointing to anything to maintain any upward trajectory.
Commodity currencies had a very quiet week ending the week flat as risk assets failed to make any move higher.
Oil had a very strong week. An unexpected oil production cut by OPEC+ WTI rallied 6% to close above the $80 per barrel price.
The week ahead is shorter with the European holiday on Monday but with US CPI during the week it could lead to predictions on when the Fed may at last pivot.
Weekly Majors Market Performance
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Peyman Khosravani is a global blockchain and digital transformation expert with a passion for marketing, futuristic ideas, analytics insights, startup businesses, and effective communications. He has extensive experience in blockchain and DeFi projects and is committed to using technology to bring justice and fairness to society and promote freedom. Peyman has worked with international organizations to improve digital transformation strategies and data-gathering strategies that help identify customer touchpoints and sources of data that tell the story of what is happening. With his expertise in blockchain, digital transformation, marketing, analytics insights, startup businesses, and effective communications, Peyman is dedicated to helping businesses succeed in the digital age. He believes that technology can be used as a tool for positive change in the world.
