Market Recap: All You Need to Know to Start Your Week

Start your Week With a Quick Market Recap

DIFX Buzz: Here’s a weekly market recap for you to start your Monday with the top news of the week.

Let’s see what happened in markets this week:


❖  The Dollar ended last week with some gains as it rejected the psychological support area at $100.

❖  The Dollar, however, hit a 5-week high at $102.7 and is trading lower at the start of this week.

❖  The safe haven trade into the Dollar has boosted the greenback due to concerns about the debt ceiling and what this means for the current stance on the monetary policy.

❖  It seems the expectation of rate cuts before the end of the year is fading which could result in more upward movement for the Dollar.


❖  Wall Street is preparing for a potential US debt default as bonds are the foundation of the entire market.

❖  If there is a default, equities will be severely affected accompanied by massive volatility.

❖  Banks and brokers are piling up cash to withstand these potential moves and to ensure they don’t have to close positions at the worst possible price.

❖  Biden has stated that there will be a resolution before the end of the month.

❖  Bitcoin hit a 2-month low and most people agree this could be due to the fact that there is a liquidity problem.

❖  Low liquidity has been a result of recent defaults by banks but also an aftermath of the cascading effect of the FTX collapse.

❖  Net Bitcoin accumulation rate is at its highest since October 2021 which signals that buyers have entered the market and adoption is picking up.

❖  US crude fluctuated between the $73.90 resistance and $69.90 support all throughout the week in a narrow $4 range.

❖  A small recovery between $71.70 and $72.20 will be aided by consolidation over $70, and above that, an additional upside can be seen toward the $73.80 resistance.

❖  The price of gold did not significantly change over the course of the week and ended within the previous week’s range.

❖  A retest of $2,016–$2,022 is possible as long as gold maintains its position above the 5-week EMA of $1,999.

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