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 has started the week under pressure, leading traders to speculate that it may have peaked along with US interest rates while keeping an eye on inflation and loan data.
❖ The euro has rallied nearly 16% from September lows and is supported by expectations that the European Central Bank will keep interest rates high for longer than the US Federal Reserve.
❖ Sterling has reached an 11-month high of $1.2652 ahead of an expected Bank of England rate increase on Thursday. The currency has also been performing well against the euro.
❖ The energy sector is the top gainer so far, up 0.8% due to strengthening crude prices.
❖ Banks and healthcare shares followed, gaining 0.6% and 0.5%, respectively.
❖ Warren Buffet has stated that regulators were right in guaranteeing depositors of SVB, adding that not doing so would have been catastrophic.
❖ Coinbase earnings came out much higher than the Street expected, spurring a 17% gain in its share price.
❖ Stripe to introduce new fiat to crypto on-ramp as the last few weeks have seen a gap created in the market due to the collapse of Silvergate and Signature.
❖ The ex-OpenSea employee was found guilty last week Wednesday in what is being dubbed the first NFT insider trading case.
❖ Oil has found support after weeks of bearish moves.
❖ Recession fears are beginning to fade as nonfarm payrolls came out higher than expected, reflecting strength in the jobs sector and overall economy.
❖ Gold fell on Friday due to the strong jobs data release. This pullback came as the asset set all-time highs.
❖ The market will be waiting for inflation data to assess the next directional moves for bullion.