Hello Traders! This is Adam Harris, your Ambassador to FXGlobe. This past week, we have witnessed several notable shifts in the financial markets that I’d like to spotlight.
Kicking off the week, Monday’s Empire State Manufacturing Index proved to be a game-changer, defying expectations and landing at 1.1. This was followed by surprising revelations from Tuesday’s Monetary Policy Meeting Minutes from Australia and the Canadian Consumer Price Index (CPI).
However, the real head-turner was the UK’s Consumer Price Index (CPI) which broke the charts at 7.9% on Wednesday. Moreover, the Australian economy demonstrated strong job growth on Thursday, showcasing the resilience and dynamism inherent in today’s global markets.
From a broader perspective, the charts showed a significant strengthening of the US dollar. Moreover, Crude Oils ended the week on a higher note, contributing to another solid week for the global markets.
As we gear up for the coming week, it’s essential to prepare for the expected flurry of Purchasing Managers’ Index (PMI) reports on Monday from the Euro and British zones. The United States will also be presenting its PMI data in the afternoon.
Looking ahead, Tuesday’s US Consumer Confidence data and Wednesday’s Australian CPI data will be critical to monitor. However, the primary focus for most traders will be on the FOMC Statement and the Federal Funds Rate.
Thursday promises to be another busy day with the release of the European Main Refinancing Rate and the US Advance GDP. The week wraps up on Friday with a stream of data from Japan and Europe, as well as the US Employment Cost Index.
Notable charts include: The S&P 500’s smooth up trending daily chart.
US Oil’s generally bullish daily chart, close to creating new highs.
Gold’s daily uptrend as well- not as strong as it could be though.
USDJPY’s WEEKLY bullish candlestick and uptrend- can it keep this up?
That’s the wrap for now. As we step into another potentially volatile week, remember to strategize your trades wisely, and prepare by establishing a robust trading plan. Stay tuned to FXGlobe for more insights and updates on the world of forex trading!
