Last week risk off flows continued a pace as global inflation numbers remained high. The US Dollar finally lost some ground to other currencies as the world waits to see if we are turning into a bear market.
The US Dollar had its first losing week in sometime. US data is still showing some levels of weakness as the feds tightening begins to filter into the wider economy. the DXY lost 1.4% last week.
The Euro finally managed to end the week higher despite the Eurozone’s inflation remain far ahead of ECB target piling on pressure for the ECB to act. The are comments beginning to be made about possible rate rises and these may filter through during the summer months.
The GBP ends one of the best performers. The UK average earnings came in +7% showing signs of wage inflation on top of CPI inflation. GBP managed to rally 2% pushing the 1.25 level at the close.
General risk / commodity currencies also performed well despite the stock market sell off temporarily breaking their correlation with the stocks.
CAD made modest gains as Oil, despite intra week volatility, closed slightly higher about $110 at $110.52.
The week ahead has GDP data from US and Germany and the RBNZ interest rate decision.
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.
