The Eurodollar traded firmly lower as the greenback continued to move higher against its rivals. Expectations are rising that there could be an interest rate hike in November
The British pound dollar currency fell after much weaker than expected services and manufacturing data rattled sterling traders.
The USD/Yen pair increased and hit a nine month high as Japanese Central Bank governor Ueda signaled that a change in monetary policy was unlikely. Many economists believe that interest rates could remain frozen until 2024.
After declining consistently for the past month Gold prices moved higher over the week. Traders were looking to comments from Chair Powell at Jackson Hole’s symposium whose words at the past five events traditionally support higher gold prices.
US stocks moved slightly higher last week. Chipmaker NVIDIA beat earnings expectations last week. With only a handful of stocks left the earnings season is drawing to a close. Of the 485 companies that have announced earnings, 79.5% are above expectations.
Oil prices declined to hit a one month low as concerns over China extended towards the US and Europe. The sluggish recovery in Europe and another potential rate hike in the US implies that global oil demand may slightly weaken in the coming months, applying pressure to oil prices.