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:
❖ Currencies have started the week trading in a sideways fashion as most of the market is closed due to holidays in Asia and Europe.
❖ There is also the anticipation of the rate hike from the Fed which has most traders starting the week patiently.
❖ Eurozone CPI will be released this week ahead of the jobs data out of the US on Friday and we expect both to bring significant volume to the markets.
❖ The S&P 500 gained 1.5% in April which brings its total gains for 2023 up to 8.6%.
❖ With worries of a recession, analysts are wondering whether this is sustainable growth as it is projected we could see the lagging effects of the tightening begin to hit the market.
❖ Investors are starting to become more defensive with worries that we may see a recession in the second half of the year.
❖ Mastercard is seeking further partnerships with crypto firms even as the space comes under more regulatory pressure.
❖ The FTX top executive’s home was searched by the FBI toward the end of last week.
❖ Coinbase has rejected claims by the SEC that it broke any laws with regard to listing securities on their exchange.
❖ Oil fell at the start of this week as investors are worried about the continued rate hikes from the Fed.
❖ China’s weakness has also contributed to the slide in price action in oil prices as many analysts forecasted China would have experienced a more robust recovery at this point of the year.
❖ Gold fell as the Dollar gained at the start of the week with interest rate hikes commonly resulting in bearish moves for Gold.