The past week has been quiet in the markets, seeing a weakly risk-off environment as markets review the prospect of an impending global recession. Focus on Silver, EURUSD, and USD/JPY this week here:
a long trade in Silver against the US Dollar following a daily close above $24.15 and in the EUR/USD currency pair following a daily close higher than the two previous daily closes. The Silver trade did not set up, but the EUR/USD gave an entry at $1.0622, with the price ending the week 8 pips lower, a decline of less than 0.01%.
, which gave a major boost to the Yen and put Yen futures shorts at their lowest level since August, and the higher-than-expected US Final GDP data which was released showing the US economy growing at an annualized rate of 3.2% compared to the 2.9% which had been expected.
The only other important data released last week was Canadian inflation data, which showed an annualized decline but which in fact came in just a fraction higher than expected, showing a month-on-month increase of 0.1%. Global stock markets ended the week mostly unchanged, except the Japanese Nikkei 225 index which closed strongly lower due mostly to the new strength in the Japanese Yen. The Forex market saw most strength in the Japanese Yen last week, with the New Zealand Dollar the weakest major currency.
Rates of coronavirus infection worldwide fell slightly last week according to official data. However, there are credible reports suggesting millions of new infections in China’s “zero covid” measures have recently been scrapped. The most significant growths in new confirmed coronavirus cases overall right now are happening in China, Japan, New Zealand, and Taiwan.
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