CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Weekly Analysis

Weekly Overview of CFD Movements - 04/02/2019 - 08/02/2019

Weekly Overview of CFD Movements 06/02/2019

06 February, 2019
Weekly Analysis 06/02/2019 Economic Calendar

The euro retreated against the dollar after the pair jumped sharply following the first Fed meeting this year. A pessimistic view on growth in developed economies and a dovish view on the path of interest rates in 2019, characterized with the key message “patience”, put the dollar under pressure. However, decelerating inflation and retail sales in the euro zone along with a dovish stance from President Weidmann of the Bundesbank undermined the common European currency.

Despite the Greenback’s weakness earlier in the week, the U.S. dollar index recovered to the 95.6 point on Tuesday, supported by strong NFP figures on Friday.

The British pound turned lower from recent highs as the default no-deal Brexit scenario approaches. Negative noises from the European Union officials on the prospects of a new Brexit deal and disappointing manufacturing and services PMIs weighed on the British currency.

The Japanese yen slightly weakened against the dollar. However the economic slowdown in China, the US-China trade war and Brexit have provided ongoing support for the yen so far this year.

The Turkish Lira strengthened against the dollar. Investors were encouraged by Turkish banking sector profits which were up by 10% over the previous year. The Turkish Central Bank also stated it will maintain a tight policy stance after annual inflation came in slightly higher than expected at 20.35%.

U.S. stocks rose last week mainly boosted by excellent business results and earnings of tech-giants and increased confidence that trade talks between US and China will result in a comprehensive deal. The S&P 500 recorded its best January performance since 1997. The earnings season continues this week with General Motors, Zynga and Twitter due to announce results.

Oil prices were little changed last week but with sharp fluctuations. The US Oil rig count fell by 12 units last Friday to its lowest level in last eight months. On the other hand, Russia appears to be lagging behind its OPEC partners with production cuts. The country committed to gradually curb its oil production by 228,000 barrels a day from the October baseline within the first quarter. However, it lowered production by around 40,000 barrels-a-day in January, Bloomberg reported.

In a volatile week Gold hit its highest level since May 2018 last Thursday before touching a weekly low on Friday, but has recovered since then. The precious metal has been affected by a turbulent dollar over the past seven days but remains well over the psychological 1300 dollar level.

Share It With Your Network
Ready for trading?Start Now

Be aware of the following holiday trading schedule:

  • Martin Luther king US holidays 20.1.2020
Instrument 20.01.2020 21.01.2020
ALL FOREX Regular Regular
S&P 500 Early close 17:59 Regular
NASDAQ 100 Early close 17:59 Regular
DJ 30 Early close 17:59 Regular
Russell 2000 Early close 17:59 Regular
DOLLAR INDEX Early close 17:59 Regular
Crude oil Early close 17:59 Regular
Brent Oil Regular Regular
Natural Gas Early close 17:59 Regular
Heating oil Early close 17:59 Regular
Gasoline Early close 17:59 Regular
Corn closed Regular
Soybeans closed Regular
Wheat closed Regular
Sugar closed Regular
Cotton closed Regular
Gold Early close 17:59 Regular
Silver Early close 17:59 Regular
Copper Early close 17:59 Regular
Palladium Early close 17:59 Regular
Platinum Early close 17:59 Regular
Bonds US
Bonds Early close 17:59 Regular
Equities US closed Regular
  • Please note: In case of low liquidity in a specific instrument, Fortrade may widen the spreads or even close the instrument for trading. Notifications will be issued regarding any such changes to the trading schedule.
  • 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
  • The above times may be subject to change.
  • All times are GMT (0)