The mid-week frenzy seen across stock markets gave way to a comparatively mundane Friday session last week. The dizzying heights experienced by many major indices followed some very encouraging wording from central banks the world over. We even had a surprise interest rate cut, courtesy of the Swiss National Bank, the first but certainly not the last we will see this year. Although the Bank of Japan is attacking its economic woes from a different angle, its decision to abandon yield curve control effective immediately is equally momentous.
After printing a precarious looking candle on Thursday, gold appeared unwilling to mount any kind of defence during the following session, losing 0.74% on Friday to end the week at $2,165 an ounce.
Despite Federal Reserve Chair Jerome Powell promising no less than three interest rate cuts this year, every other major central bank has promised similar reductions in their own respective currencies, so the Dollar sell-off on Wednesday was short-lived. After some losses following the Fed’s comments, the DXY gained 0.57% and 0.44% on Thursday and Friday respectively, latching onto strong US macroeconomic data instead.
The final week of the month will be a relatively uneventful one from a data perspective. The economic calendar has little to offer, with the exception of US jobless numbers on Thursday. A reminder that markets throughout the western hemisphere will be closed in observance of Good Friday this week and will remain so during the following Easter Monday.
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