The week ended with a renewed wave of optimism as US inflation data gave markets all the right signals following Friday’s publication. The headline PCE price index fell in line with estimates, with the core index coming in only slightly higher than consensus. Good enough to reassure market participants that everything is still on track for a much-anticipated rate cut later this year. The Dow Jones in particular rose 1.6% on Friday, helped along with a number of solid earnings reports as well as the continued pivot back into the breadth of stock markets. Confirming the latter narrative, the S&P 500 and Nasdaq Composite indices, home to the tech giant darlings, earned a somewhat less impressive 1.1% and 1.0% rise respectively.
The dramatic surge in the Japanese Yen finally eased off late last week, trading almost flat over the last two sessions. Over the previous two weeks, the Yen had clawed back a solid 5% versus the Dollar thanks to a mixture of suspected state intervention as well as anticipation of a future rate hike. The anticipation will endure until Wednesday, after which the Bank of Japan will cement its intentions. On the other side of the monetary spectrum, the Australian Dollar managed to halt its descent into the abyss on Friday, breaking a nine session losing streak that saw it lose almost 4% against the Greenback. The main culprit of the decline continued to be falling commodities prices.
Speaking of, gold salvaged a respectable 1% gain on Friday after a frankly lacklustre week up until that point. The precious metal remains a solid $100 of its record high established two weeks ago.
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