Weekly Overview of CFD Movements - 05/08/2024 - 09/08/2024
August 14, 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 opened the week by jumping to a seven month high. German inflation data came in on target, in a week light on economic data.
The British pound declined to a fresh one-month low after countries like Sweden, India and Australia warned their citizens not to travel to the UK due to migration riots taking place in a number of cities.
The USD/JPY hit its lowest level so far this year on Monday, but finished higher by Friday, close of business. This followed a midweek statement from a bank of Japan official saying rates would not be raised while markets are unstable.
Gold prices hit a ten day low before paring most losses by Friday’s close. In the Middle East several countries have urged Iran to reconsider its plans to strike Israel.
Stock index prices edged lower on brightening sentiment after Thursday’s US Initial Jobless Claims data appeared to pare most of the week’s losses.
Crude oil prices climbed around 4% as US recession fears eased. The market focus remains the Middle East, as the potential for a wider war that could disrupt production, still looms over the market.