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:
❖ Forecasts of an interest rate hike in June have shifted back and forth in recent weeks as the data-dependent Fed saw mixed signals; strong non-farm payrolls but higher than expected unemployment rate.
❖ With no major inflation data out this week, we can expect the Dollar to trade within this current trend.
❖ The Australian Dollar saw gains against an interest rate hike from the RBA. The forecast was mixed between a hike or pause so this came with significant market volatility.
❖ Global equity funds saw net outflows of $4.55b in the week before the end of May.
❖ This is a result of Manufacturing PMI data out of China coming out weak, signaling the recovery will take longer than expected.
❖ German GDP declined 2 straight quarters in a row which indicates a recession in Europe’s strongest economy.
❖ The SEC sued Binance on Monday, saying the exchange inflated trading volumes, diverted customer funds, and failed to restrict customers from its US platform.
❖ Top metaverse tokens are set to see some gains as Apple announces the XR release.
❖ Avalanche saw in excess of 1 million active monthly users for the first time.
❖ Major Japanese airline group ANA is set to launch its NFT marketplace.
❖ Gold ended last week on the decline as Dollar bulls responded to the strong jobs data.
❖ The forecast for no rate hike saw the precious metal take back some of those losses on Monday.
❖ Oil is bearish as the Saudi output cut does not align with the global economic downturn. With recession fears in Germany and low Chinese factory activity, we could see more downside momentum in Oil.