Weekly Overview of CFD Movements - 07/10/2024 - 11/10/2024
October 16, 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 continued lower last week after US CPI inflation data came in higher than expected, reducing the chances of a sharper Fed rate cut in November.
The British pound fell slightly, but traded mostly in a range following better than expected Manufacturing data last week and in line with expectations GDP figures.
The USD/JPY rose to a seven week high as traders absorb the consequences of disagreement between a Bank of Japan that wants to cut rates and its new government that prefers to pause rate cuts.
Gold prices traded higher, after hitting a more than two week low earlier in the week, as market participants priced in the idea of a likely smaller rate cut of 25 basis points in November.
Stock index prices ended the week at record highs. This followed Thursday’s reveal of Tesla’s futuristic looking Robotaxi. The event also saw the unveiling of the 20 seat Robovan and a walking and talking Optimus Robot. The third quarter earnings season also kicked off.
Crude oil prices recorded their second successive week of gains as market participants awaited a potential Israeli attack upon Iranian oil supplies. Meanwhile in the US, Hurricane Milton saw a quarter of gasoline stations in Florida sell out, as people scrambled to flee the destruction.