Weekly Overview of CFD Movements - 19/08/2024 - 23/08/2024
August 28, 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 pushed higher to record a more than one year peak, as the greenback fell against most of its peers.
The British pound climbed to a two year high after Bank of England governor Bailey signaled a cautious approach to further rate cuts.
The USD/JPY fell in another volatile week for the Yen. Bank of Japan Governor Ueda signaled late last week that rates would be increased if growth and inflation remain on track.
Gold prices edged higher over the week after hitting a record high of $2531 on Tuesday, then giving up some earlier returns. Friday’s speech by Fed Chair Powell, stating that the time had come to cut rates, helped to push the metal back into positive territory.
Stock index prices moved higher in a week of mixed to positive data coming out of the United States, amid positive comments about the US economy by Powell at the Jackson Hole Symposium.
Crude oil prices continued to decline and recorded a six month low, before paring most losses. In the Middle East, Israel and Hamas began another round of talks, amid hopes that there may yet be a ceasefire agreement.