Weekly Overview of CFD Movements - 26/08/2024 - 30/08/2024
September 4, 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 fell sharply to reach a ten-day low last week, in line with the expected results from the Eurozone. The data has made it more likely that the European Central Bank could cut interest rates in the near future.
The British pound fell against the greenback after broadly above expectations US data releases underpinned the dollar against most of its rivals.
The USD/JPY climbed despite the fact that Deputy Governor of the Bank of Japan Himino reiterated the bank’s readiness if the economy remains strong.
Gold prices declined but remained not far from the previous week’s all-time highs. Above expectations, US GDP data lessened the chances of multiple Fed rate cuts in the coming months, though a cut in September is still possible.
Stock index prices increased in a volatile week that saw the Dow Jones index hit an all-time high. NVIDIA beat earnings expectations, although the stock was down by the end of the week.
Crude oil prices rose throughout the week but ended lower by Friday after reports suggested that OPEC plans to stick to its decision to gradually increase production from October.