CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

Weekly Analysis

Weekly Overview of CFD Movements - 29/01/2024 - 02/02/2024

Weekly Overview of CFD Movements 07/02/2024

07 February, 2024
Weekly Analysis 07/02/2024 Economic Calendar

The Eurodollar traded lower after Eurozone inflation data came in slightly higher than expected at 2.8% on Wednesday. On the same day the Fed meanwhile held interest rates at 5.5%.

The British pound declined against the dollar after the greenback pushed higher on Friday. US Nonfarm payroll data was much higher than expected, implying that US inflation may remain higher for longer. This could delay Fed interest rate cuts.

In another volatile week, the USD/Yen climbed slightly, after hitting an almost two-week low. Traders are becoming increasingly confident that the Bank of Japan is about to exit its negative rate policy.

Gold prices increased as tensions rose in the Middle East. The US began a military campaign against Iranian targets in Iraq, and Syria and continued hitting Houthi targets in Yemen. This follows a suspected Iranian attack on a US base in Jordan.

The price of stocks rose as the earnings season entered its busiest week. Apple posted results which showed the company again beating earnings and revenue expectations. The company also released its Vision Pro virtual reality headset which has started a craze among content creators to film themselves wearing the device while doing tasks.

Oil prices fell despite the attack upon a US base which caused the country to commit to an armed response. There was a slight disappointment that OPEC decided to delay their decision until next month on whether to prolong current production cuts.

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