Non-Farm payroll data revealed few surprises last Friday, most figures falling largely within expectations. The publication ushered in a minor rally in the tech sector, which helped to push the S&P 500 and Nasdaq Composite to new record highs, while the Dow fell off the boil to close both the day and the week in the red.
Gold traders must have been bored to death last week. The precious metal barely moved at all, remaining within the same $40 range before closing the week at $2,633 an ounce. The same could not be said for the crypto markets. Bitcoin finally hit six figures last week, blasting past $100,000 on Thursday during an extremely volatile trading session. The asset retraced soon after only to mount a second challenge this weekend. The battle for $100k rages on.
The Dollar stabilised last week, allowing the DXY to reclaim 106 in the quietest week we have seen for currencies in a while. The peace may soon shatter once again however, as the Reserve Bank of Australia, the Bank of Canada, the European Central Bank and the Swiss National Bank are all set to chime in with interest rate decisions over the next three days. The Aussie Dollar is expected to remain at 4.35%, whereas the Loonie is facing a potential 0.5% cut and the Euro and Swiss Franc are looking at a 25bps reduction. Wednesday also delivers the latest round of US CPI data, which the Fed will no doubt pore over with a fine-tooth comb. Fed decision next week.
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