May 24, 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 fell last week as Eurozone inflation came in at 7%, in line with expectations. Late Friday ECB President Lagarde stated the bank will be courageous in bringing inflation down.
The British pound edged lower against the dollar after Bank of England governor Bailey stated he expects price pressures to ease from April.
The USD/Yen pair climbed last week to hit a more than five month high as the yen again lost ground against the safe haven greenback.
Gold prices fell to hit a one month low after the dollar pushed higher making the precious metal more expensive for foreign currency traders.
US stocks jumped last week, with tech stocks leading the charge. The earnings season began to wind down last week with Walmart beating expectations but Alibaba reported mixed results.
Oil prices grew as the US driving season picked up pace. Statistics showed that this weekend’s memorial day will be the busiest since 2019.
Fortrade Canada Ltd. as an order-execution only dealer is not permitted to provide you with any advice or recommendations. These Market Commentaries should not be construed as a recommendation, advice or any attempt by Fortrade Canada Ltd. to prompt or influence you in making an investment decision to purchase, sell, hold or exchange any security or to influence the timing of such activity. This content is produced by Fortrade Limited which is not registered in any capacity with any securities regulatory authority in Canada.