Last week we had the results of the latest European Elections and it delivered. The Euro was the worst performer of the week as President Macron chose to call a snap election on the shortest timetable allowable.
Across the Eurozone mainstream parties lost significant ground to their rivals heaping further pressure on the Union.
The dollar had a positive week with the FOMC decision and CPI dominating the US market. CPI came in slightly softer which helped move markets higher and with the Fed watching the data could lead to a move softer stance. The DXY ended the week 0.6% better.
GBP did not end the week unscathed. Mired naturally by the turmoil in Europe the Pound fell as the country gears up for its own elections in July. This moved GBP lower making it the second worst performer of the week.
JPY saw a rally later in the week. The BoJ failed to hold a strong stance on bond tapering going forward and later in the week declines in US and European yields provided some relief for the Yen.
Oil once again continued its volatile path. WTI rose 4% to close just below $78.50
The week ahead could see a continuation of the volatility. We have further interest rate decisions from RBA and BoE alongside inflation data from the EU and the UK.
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.
