Last week was the first full week of August. Usually, a more peaceful time in the markets but this year continues to be the exception to the rule.
US Dollar and Yields rose post CPI release. The dollar rallied as shorts were covered and gave continued support. DXY rose 0.8% edging towards the 103 level.
Euro struggled through the week as German economic data continues to struggle. The EUR lost 0.8% vs the USD while remained flat against other G7 currencies.
GBP started the week strong as GDP data put some strength into the pound. However, by the end of the week and a stronger USD it ended the week lower by 0.6%.
Commodity currencies continue their bad run of form. With the US Dollar stronger and risk moving lower these pairs took the brunt. CAD fell 0.5%, AUD lost 1.1% and NZD almost 2%. The continued dollar strength sent the JPY lower by over 2%.
Oil has now risen for 7 weeks on the trot and has now broken above resistance. OPEC supply remains tight, and Oil looks favourite to continue to rise. Last week it rose 0.5% to close just above $83.
The week ahead could be a quieter one as the August holidays begin to bite. However, we are looking at some important levels in the S%P and US Yields.
Data wise we have UK, Eurozone and Canadian inflation data along with Japan GDP.
Weekly Majors Market Performance
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The post US Dollar and Yields Rally first appeared on trademakers.
The post US Dollar and Yields Rally first appeared on JP Fund Services.
The post US Dollar and Yields Rally appeared first on JP Fund Services.
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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.
