Last week was a far more subdued week as market eyes were elsewhere. Global markets rallied pushing stocks to new highs in Europe and US markets posting substantial gains.
As we saw apart from that currencies were far more quiet with only Yen giving back some of the previous weeks gain losing 1.9%.
The US Dollar did not suffer a 2-week straight loss but gained only marginally with the DXY rising by just 0.2%
Most pairs made little headway given the previous weeks large ranges. NZD was the weeks best performer with CAD second which moved higher on job data and the likelihood of rate cuts being pushed further back in 2024.
Post UK GDP which showed the UK economy had emerged from recession the FTSE rallied to new highs. However, the GDP remains in a sleepy state. Expectation is there could be a rate cut in the near term and further dovish comments on easing have been filtering out. However, there is a level of caution attached with markets only pricing in 50% chance of a rate cut in June.
Oil managed to end the week snapping a very long run of volatile weeks. WTI closed just fractionally lower around $78.10.
Next week the market will be anticipating the next round of inflationary data with the focus on the US CPI. We also have EU, Japan inflation numbers.
Weekly Majors’ Market Performance
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The post Currencies More Subdued (Apart from Yen) first appeared on JP Fund Services.
The post Currencies More Subdued (Apart from Yen) appeared first on JP Fund Services.
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