Matt Simpson, CFTe, MSTA
CityIndex
A snapshot view of last week's money flow and technical notes for the week ahead.
KEY EVENTS THIS WEEK:
AUD: Job Ads; Business OCnfidence; Home Loans; Consumer Sentiment; Employment
CAD: Building Permits; Housing Starts;
CHF: CPI; Retail Sales
CNY: Trade Balance; CPI; Industrial Production;
EUR: ECB Monthly bulletin; Trade Balance; Industrial Production
GBP: BoE Carney Speaks; Manufacturing Production; Inflation Hearings
JPY: BOJ Kuroda speaks; Core Machinery Orders;
NZD: Cash Rate; RBNZ press conference;
USD: Job Openings; FOMC Tarullo speaks; Employment; Core/Retail Sales; COnsumer Sentiment;
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Editors’ Picks
AUD/USD holds positive ground above 0.6500 on weaker US Dollar
The AUD/USD pair extends recovery around 0.6525 during the early Asian session on Thursday. The Federal Reserve held its interest rates steady at 5.25–5.50% at its meeting on Wednesday, citing a “lack of further progress” in getting inflation back down to its 2% target.
EUR/USD jitters post-Fed with NFP Friday over the horizon
EUR/USD cycled familiar territory on Wednesday after the US Federal Reserve held rates as many investors had expected. However, market participants were hoping for further signs of impending rate cuts from the US central bank.
Gold prices skyrocketed as Powell’s words boosted the yellow metal
Gold prices rallied sharply above the $2,300 milestone on Wednesday after the Federal Reserve kept rates unchanged while announcing that it would diminish the pace of the balance sheet reduction.
Solana price dumps 21% on week as round three of FTX estate sale of SOL commences
Solana price is down almost 5% in the past 24 hours and over 20% in the last seven days. The dump comes as the broader crypto market contracts with Bitcoin price leading the pack as it slides below the $58,000 threshold to test the Bull Market Support Band Indicator.
The FOMC whipsaw and more Yen intervention in focus
Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session.