Weekly Overview of CFD Movements - 12/08/2024 - 16/08/2024
August 21, 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 its highest level so far this year. Softer US Inflation data last week may have helped to send the greenback lower against most of its rivals.
The British pound rose to a one month high after the UK posted an in line with expectations GDP reading. The anti-immigration riots, which had plagued a number of towns in the country, ended last week.
The USD/JPY increased in a turbulent week for Japan. Following a number of controversies, Japanese Prime Minister Fumio Kishida announced his resignation, which will take effect in September.
For much of the week Gold prices lacked direction, but on Friday the metal stormed to an all-time high. A weaker dollar and anticipation of a series of Fed rate cuts have underpinned the precious metal.
Stock index prices pushed higher as both the tech heavy Nasdaq 100 and S&P 500 recorded seven straight days of gains. The positivity followed better than expected US retail sales data.
Crude oil prices edged lower as traders continued to worry about global demand. In the Middle East, ongoing talks between Israel and Hamas resumed, reducing the potential threat to oil supplies in the region.