Last week the Yen finally stabilised. This was more due to a weakened Dollar than anything else.
The greenback suffered a very soft week as the weeks economic reports came in highlighting the effects of the sustained higher for longer interest rate level that has been maintained. This has led to some sections looking to an earlier cut in rates than previously expected.
GBP had a good week as the political turmoil during the election campaign finally ended. The Labour majority was not unexpected and the effect of this was felt across the broader UK market. It will take a few weeks to fully understand the new Governments plans and expectations of closer ties to the EU could be a positive move for both GBP and EUR.
EUR rallied as we move into the second weekend of elections. After the strong showing for Marie Le Pen’s party in the initial vote it still seems difficult for her to form a coalition government.
Oil continued it rise as it moved to 4 weeks in a row. WTI rallied a further 2% to close above $83 but strong headwinds towards $84 could cap any further moves higher.
The week ahead will see the market look to digest the payroll numbers and look to the data as to where the Fed may be heading over the coming months. Data wise we have US CPI along with inflation numbers from Norway and Mexico.
Weekly Majors’ Market Performance
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The post Yen Stabilises and Dollar Falls first appeared on trademakers.
The post Yen Stabilises and Dollar Falls first appeared on JP Fund Services.
The post Yen Stabilises and Dollar Falls appeared first on JP Fund Services.
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