4/10/2023 0 Comments Dow jstock market news![]() Japanese Yen Forecast for the Week Ahead: USD/JPY, AUD/JPY, EUR/JPY, GBP/JPY Key technical levels continue to hold firm. Oil prices have rebounded off of recent lows after bears failed to drive prices below Fibonacci support at $93.5. Levels that matter on the weekly technical chart.Ĭrude Oil Weekly Technical Forecast: US Crude Tests Key Levels Gold collapsed more than 3.8% this week with XAU/ USD now testing multi-year uptrend support. Gold Price Technical Forecast: Gold Plummets into Last Line of Defense ![]() A rebound may occur, but the chance for a trend reversal looks slim. The British Pound fell for a second week against the US Dollar, setting a fresh multi-year low. Next week brings CPI, and then the start of earnings season the following week.īritish Pound Technical Forecast: GBP/USD Faces Tough Odds in the Week Ahead Stocks rallied in the first full week of July and that move held through a strong NFP report. S&P 500, Nasdaq 100, Dow Jones Forecast for the Week Ahead The Dollar reversed on Friday in the face of a generally bullish NFP report some weakness in the days ahead looking likely. US Dollar Technical Forecast: At a Temporary Tipping Point USD/CAD may face a larger correction ahead of the Bank of Canada (BoC) interest rate decision as the central bank is expected to normalize monetary policy at a faster pace. USD/CAD Rate Outlook Hinges on Bank of Canada (BoC) Rate Decision The pound looks to begin next week on the backfoot after stronger than expected NFP results played into dollar strength. While the short-term outlook looks marginally more positive, the longer-term outlook remains negative.īritish Pound (GBP) Weekly Forecast: NFP Beat Sets Up GBP for Further Downside US Dollar strength keeps AUD/USD low, boosting the domestic economy.īitcoin (BTC), Ethereum (ETH) Forecasts – Grinding Higher in Quiet Conditionsīitcoin has picked up a small bid this week and moved marginally higher. The Australian Dollar seesawed through the week, with an RBA rate hike and a blistering trade surplus. Russian Gas Flows Key to EuropeĪustralian Dollar Outlook: Low for Longer Keeps the Good Times Rolling Stock Market Week Ahead: S&P 500 & DAX 40 ForecastĪll of Nothing on US CPI. consumer price index report could show June inflation accelerated to new multi-decade highs, a result that could boost Treasury yields and the U.S. US Dollar Forecast: June US Inflation Data Could Reinforce DXY’s Bullish Momentum CURRENCIES AND GOLD Fundamental Forecasts: China’s second-quarter GDP will also be known. Australia’s latest jobs report will also cross the wires. Outside of CPI, the Bank of Canada rate decision is next week where a 75-basis point hike is expected. Another strong print, especially amid the latest jobs report, could easily restore market volatility. With that in mind, traders ought to remain vigilant. Mind you, the June reading is what inspired the 75-basis point rate hike. ![]() On Wednesday, headline CPI is expected at 8.8% y/y, which would be up from 8.6% in June. Now, all eyes are turning to July’s US inflation report. Another solid US non-farm payrolls report, which also included higher-than-expected average hourly earnings, continued to point to a scenario where the central bank needs to maintain its rate hike course.Īll of this did not bode well for the anti-fiat yellow metal, with gold prices seeing the worst weekly performance in 2 months. However, this reversed course at the end of the week. Markets were initially pulling back hawkish Federal Reserve policy expectations amid global growth concerns. The Euro notably underperformed as markets continued trimming back hawkish ECB policy expectations. A notable exception was the commodity-linked Australian Dollar, which pulled off a rise during the final few days of the week as growth-linked Copper prices gained. Meanwhile, Japan’s Nikkei 225 and Australia’s ASX 200 rose 2.24% and 2.11% respectively.ĭespite the improvement in sentiment, the haven-linked US Dollar outperformed its major peers. In Europe, the DAX 40 gained 1.58% while the Euro Stoxx 50 pushed forward 1.69%. On Wall Street, the Nasdaq 100 gained 4.71% while Dow Jones futures gained just 0.87%. Market sentiment improved this past week, with information technology shares leading the way.
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