Weekly Overview of CFD Movements - 16/09/2024 - 20/09/2024
September 25, 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 and hit a three week high and the greenback fell against its rivals after the Federal Reserve cut interest rates on Wednesday.
The British pound pushed sharply higher after the Bank of England decided to keep interest rates at 5% last week.
The USD/JPY pair finished the week higher after the Bank of Japan held its monetary policy meeting on Friday. The bank kept rates unchanged at 0.25%, but also signaled that another interest rate increase is likely in the coming months.
Gold prices increased again last week and hit a series of all time highs, amid a rush towards the safe haven metal. The Fed’s decision to cut interest rates by a sharper 0.5% preceded the jump higher.
Stock index prices increased as market participants on optimism surrounding the outsized interest rate cut. The S&P 500 hit a fresh record high and many tech linked stocks also advanced.
Crude oil prices rose and recorded a two week high in a week that saw escalation in the oil rich Middle East, which may lead to more conflict between Israel and Hezbollah.