Weekly Overview of CFD Movements - 19/02/2024 - 23/02/2024
February 28, 2024
Risk Disclaimer: The example below is for illustrative purposes only and is based on price movements derived from Contracts for Difference (CFDs). The calculations reflect hypothetical outcomes using historical or specified price data for the relevant instrument on the stated date and are not indicative of future performance. Any reliance placed on this material is strictly at the user’s own risk.
The Eurodollar climbed on better than expected data from the European economy suggested an improving economic outlook.
The British pound rose against the greenback after the publication of the Fed minutes did little to impact the decline of the dollar against most of its rivals.
The USD/Yen continued to rise last week after Bank of Japan governor stated that inflation was increasing. This is giving rise to hopes that the Bank of Japan is likely to end negative interest rates in March.
Gold prices pushed higher after another failed attempt at a ceasefire between Israel and Hamas. Israel stated that unless Hamas releases its hostages, Israel will launch a ground invasion into Rafa, which could send many thousands of refugees into Egypt.
Stocks climbed again as indices hit another all time high led by AI chip stock NVIDIA, which published record earnings. Tech stocks in particular continued to rise, with Microsoft now valued at the $3 trillion dollar level.
Oil prices declined on continuing concerns that the Chinese economy is underperforming. In the middle east, despite previous failures in negotiations, talks between Israel and Hamas are ongoing and the US remains optimistic that a ceasefire can be agreed.