Weekly Overview of CFD Movements - 14/10/2024 - 18/10/2024
October 23, 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 declined last week after the European Central Bank lowered interest rates and suggested that further cuts could occur soon.
The British pound decreased and hit an almost two month low as a strong dollar continued outperforming its rivals.
The USD/JPY rose to an eleven-week high, as reports increasingly indicate that the Bank of Japan could keep interest rates unchanged for the rest of the year.
Gold prices pushed sharply higher and recorded repeated all-time highs. Global tensions rose due to developments in the Middle East, ahead of a very tight US election, whose result could be contested.
Stock prices climbed with the S&P 500 hitting another all-time high. Better than expected earnings season results from Taiwan Semiconductor sent AI linked stocks higher and NVIDIA hit a record peak and became the second most valuable company in the world.
Crude oil prices sank after OPEC revised its oil demand figures lower, mainly due to continued weakness of the Chinese economy. Additionally, markets adjusted as the risk of oil supply disruptions in the Middle East lessened.