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Currency Trends, FOMC Meetings, US bank holiday.

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Last week offered investors a rollercoaster ride, with the Chinese Yuan experiencing an upsurge only to be followed by higher US dollar strength and falling gold prices.

But Nasdaq 100 investors were in luck as this tech-heavy index kept its gains of 0.6%. Meanwhile, the Dow Jones Industrial Average ended without much change – welcome news for those who had their sights on resilience from equity markets!

Federal Reserve policymakers were recently debating the future of their monetary policy, with both sides making compelling arguments.

Some wanted higher hikes to make a quicker impact, while others advocated for smaller, incremental steps. Regardless of which route is taken – one thing’s certain: The Federal Reserve will be implementing tighter measures in no time!

Factors That Can Affect The Exchange Rate In 2023

Get ready – there are some major events on the horizon that could potentially spring markets into action. The FOMC meeting minutes may call for us to stay alert, and keep a close eye despite occasional dips in inflation.

Additionally, watch out for an exciting move from the Reserve Bank of New Zealand as they gear up to hike their interest rates by a whopping 50 basis points! That could have quite an effect so don’t miss it when trading NZD/USD currency pairs!

It’s been a wild week in the markets- and we’re only getting started! As we move towards the weekend, all eyes will be on one of the Fed’s closest markers for inflation – the Personal Consumption Expenditures.

Who knows what other surprises could come our way before Monday? Stay tuned to see how it all plays out!

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Last Week’s Performance

US equity markets are facing a strong double-whammy of increases in both US dollar values and bond yields. With monthly option expiration coming up alongside an upcoming bank holiday, it looks like the volatility levels on Wall Street are set to soar!

Despite strong economic indicators, sterling remains unmoved – a clear reflection of its current lack of favour with traders. UK retail sales and inflation figures may have beaten estimates but seem to be having little impact in bringing positive vibes back into the market!

Last week the Australian Dollar took a dip as its American counterpart stepped up in anticipation of more dramatic Federal Reserve rate hikes. Will AUD/USD make an about-face, or is this downward trend here to stay?

After four months of bearishness, the Dollar is aiming to turn things around. To make that happen it needs a reliable foundation – and luckily there’s one close at hand: its role as a safe haven asset. So instead of keeping an eye on Treasury yields like before, now they’re tracking the VIX!

Investors and traders will be eagerly watching Canada’s January inflation report, as well as broad market sentiment following the Fed’s policy outlook changes. These two factors could have a big influence on USD/CAD in the coming days!

This week wasn’t great for oil investors, as prices dropped following concerns about the economic outlook. China’s slower-than-expected fuel demand recovery posed an additional challenge – but it has hopes of brighter times ahead!

This Week’s Forecast

After a mid-week boost from some Fed hawks and positive US data, the Dollar Index climbed higher this week. Is there more appreciation in store or is it time to cool off?

After an exciting ride on Wall Street over the last few weeks, it looks like we’re taking a breather! The Dow Jones, S&P 500 and Nasdaq 100 are all trading in neutral territory as we enter into this Monday. Let’s see if support levels hold up to any potential market volatility ahead or whether price action trends upward again soon!

Gold prices had a wild ride this week, sinking to an all-time low of $1.827 before rallying back up in a split second! The incredible power of the bulls catapulted gold prices back past their previous year’s levels – proving that nothing can keep them down for long.

Earnings Report Releases

The following companies are expected to release their earnings reports this week;

Walmart Inc.

Home Depot, Inc. (The)

Medtronic plc

NVIDIA Corporation

Rio Tinto Plc

TJX Companies, Inc. (The)

Alibaba Group Holding Limited

Intuit Inc.

American Tower Corporation (REIT)

Berkshire Hathaway Inc.

Canadian Imperial Bank of Commerce

Fomento Economico Mexicano S.A.B. de C.V.

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  • Phyllis Wangui

    Phyllis Wangui is a Financial Analyst and News Editor with qualifications in accounting and economics. She has over 20 years of banking and accounting experience, during which she has gained extensive knowledge of the forex, stock news, stock market, forex analysis, cryptos and foreign exchange industries. Phyllis is an avid commentator on these topics and loves to share her insights with others through financial publications and social media platforms.