Last week we saw big moves as several themes began to emerge. Yen at long last had a huge rally as it recovered from its near 40-year lows. The US Dollar also was one of the weeks winners as more risk currencies such as NZD and AUD both suffered.
The overall picture of the week was a confusing one. Whilst the picture in S&P and Nasdaq was risk off which then bore out into the risk currencies the other indexes posted positive gains. The was as the magnificent 7 had a tough week but mid cap stocks fared better.
AUD and NZD both suffered further losses after last week. Continued risk off in the broad market put pressure on them couple with a deterioration in investor sentiment in China. Last week we saw the PBoC making a surprise cut to one year lending.
Both GBP and EUR maintained their tandem movement. Recently the correlation has risen as other factors influence the market and a sense of political and economic calm settles into the regions.
Oil fell further losing another 3% over the week. WTI closed at $76.40 and moving lower into the long-term range.
The week ahead will be driven mostly by continued risk sentiment and equities. Main stock indices need to find support if we are to avoid another leg lower in stocks which could drag risk currencies lower.
Data wise we have GDP releases along with US ADP and Fridays NFP.
Weekly Majors’ Market Performance
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The post Multiple Themes During The Week first appeared on trademakers.
The post Multiple Themes During The Week first appeared on JP Fund Services.
The post Multiple Themes During The Week appeared first on JP Fund Services.
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