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The Forex Market Wrap is here!
Watch the video to learn what key levels have been hit this week!
Forex Market Wrap Analysis
This week the market moved away from risk sentiment and the focus switched back to inflationary problems and central bank announcements. Early in the week we saw the RBA Governor Lowe talk of hiking interest rates which has kept the Australian dollar strong. The ECB left rates unchanged this week and talked of risk due to the conflict in Ukraine as a reason to remain flexible. Finally, the US CPI figures showed a further increase in the inflation rate which caused the USD to rally once again despite the Federal Reserve saying a 25bps hike is more likely this month.
EURUSD
The EURUSD found a low early in the week with price reversing as the risk appetite returned to the market in the short term. This was short lived however as the CPI numbers showed an increase in the inflation rate which led to USD buyers returning to the market.
GBPUSD
The GBP was the weakest currency according to the strength meter this week and this showed this week as the GBPUSD price continued to fall in line with the bearish trend. Despite the pullback in the USD at the beginning of the week the GBPUSD price failed to really make any new highs. Instead the market continued to find sellers and prices broke into new lows.
WTI CRUDE OIL
The price of Crude Oil is a hot topic in the trading community at the moment as the market reached significant highs. The market has re-traced back from the highs but if the supply issues continue we could see another move back to the highs in the short term. A break of this week’s current low will offer short opportunities to the sellers as futures prices show a lower price which could lead to a sustained sell off.
DAX40
The German Stock market DAX40 was featured in our week ahead analysis this week as the market fell considerably the week prior. If this momentum was to continue we would have seen sellers re-enter the market at the highlighted supply zones. Although some selling was seen here the momentum was slow suggesting that sellers weren’t too happy selling from this area.
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