So, with the first full week of 2024 we saw a similar theme. Yields continued to slide, and equities were strong. US Data continued to beat expectations but overall, the week for FX ended reasonably unchanged.
The Dollar ended the week unchanged. US data came in better than expected but despite this the dollar failed to move any higher.
Both the Euro and Pound ended the week flat. The lack of any momentum in the Dollar kept both pairs in a tight range for the week.
Commodity currencies which usually react when Yields fall, and Equities rise. Last week however the commodity currencies all sat in a very tight range with little or no movement.
Oil continued its high intra-week volatility. Despite this volatility oil didn’t really break in any direction. WTI ended the week lower by 1.6%.
The week ahead we will see if the current yield lower trend continues. The Fed is only 2 weeks away now and the market will be looking for any indication.
Data wise we have inflation from EU and UK along with US retail sales.
Weekly Majors’ Market Performance
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