Weekly Overview of CFD Movements - 20/11/2023 - 24/11/2023
November 29, 2023
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 traded higher after Fed meeting minutes confirmed the bank’s cautious approach. The dollar also declined as geopolitical pressures eased in the Middle East.
The British pound climbed to another two month high against the dollar after market reaction to the UK government’s autumn budget was muted.
The USD/Yen pair fell amid speculation that the Bank of Japan is getting close to exiting its decade long ultra easy policy.
Gold prices increased again last week amid optimism that inflation is under control and the Fed may look to cut rates early next year.
US stocks recorded their fourth week in a row of gains. Retail linked stocks like Amazon, Alibaba, Ebay and Apple were highly traded as the Black Friday weekend began.
Oil prices pulled back after news late in the week emerged that OPEC postponed its meeting until November 30th. The delay came amid reported disagreement on proposed additional production cuts.