Weekly Overview of CFD Movements - 18/11/2024 - 22/11/2024
November 27, 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 to a new low, its lowest in more than a year, after “King dollar” rose against its rivals, amid expectations that there could be less Fed rate cuts next year than previously expected.
The British pound dollar pair declined to a six-month low in a week that saw UK inflation data come in slightly higher than expected.
The USD/JPY traded slightly higher, with market participants focusing on cautiously hawkish statements from Bank of Japan officials last week.
Gold prices pushed sharply higher last week as safe haven demand increased following escalation in the Ukraine – Russia war. Ukraine was permitted to use long range US, French and British missiles inside Russia and Russia responded by firing a long-range ballistic missile into Ukraine for the first time.
Stock prices increased amid mostly positive data from the world’s largest economy. In the earnings season, Chipmaker NVIDIA posted better than expected results.
Crude oil prices jumped 6% on the week to record a two-week high as the escalating war between Russia and Ukraine increased the possibility that oil supplies could be negatively impacted.