Last week saw the US Dollar finally move lower after several strong weeks. With inflation remaining high and mixed economic data markets saw no clear path for accelerated tightening by the Fed in the upcoming meeting.
Euro moved higher and away from parity as the ECB surprised the market with a 50bps rate hike. The market was expecting a 25bps but the initial gains were soon lost as the press conference gave more questions than answers in terms of guidance going forward.
GBP gained as both Inflation PMI numbers beat expectations. The GBP saw a 1% rally but the currency still remains very fragile.
Stocks at last had a positive week and took risk currencies with it. NZD and AUD were the best performers on the week as correlation to stocks remains tight.
Oil prices continued to fall. Oil has lost nearly 25% from the June highs. WTI lost 2.5% to close around $95.
The week ahead will be dominated but the US and Federal Reserve with the markets looking to understand where the rate hike cycle ends…
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.
