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The market experienced a week of mixed performance, with some currencies showing signs of potential reversals while others faced continued volatility.
The GBP/USD went into this weekend challenging the lower part of its weekly and monthly price range, this as shifting and nervous sentiment continues to cause a storm in Forex.
WTI Crude Oil went into the weekend near the 75.645 ratio as traders kept the commodity in the higher elements of anxious price realms as Middle East concerns and Hurricane Milton roared.
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Last week saw a huge rebound in the Forex market in favour of the US Dollar following very strong US jobs data, although some risky assets, notably stocks and precious metals, held up firmly against the greenback.
Nervousness is the pervading theme in the EUR/USD for the moment and the currency pair went into this weekend near the 1.09750 level.
WTI Crude Oil went into this weekend near its highs as speculative chatter about the conflict in the Middle East clearly drives nervous behavioral sentiment.
Get the weekly Forex forecast for major currency pairs for the week of October 7-12, 2024 here.
The GBP/USD touched values it had not traded since late February of 2022.
Last week saw a continuation of the dominant risk-on rally, with Gold and the S&P 500 Index reaching new all-time highs. The prospect of a regional war in the Middle East may dampen sentiment.
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WTI Crude Oil went into this weekend near the 68.570 ratio, this after touching a low of almost 66.900 on Thursday.
Get the weekly Forex forecast for major currency pairs for the week of September 30th- October 5th, 2024 here.
There will be a human tendency to look at the WTI Crude Oil price upon its opening on early Monday and believe the value of the commodity should jump because of the heightened tensions being seen between Israel and Hezbollah.
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Last week, risk-on sentiment improved strongly as the US Federal Reserve delivered a half-point rate cut while promising a further 50 basis points of cuts by 2025. Gold and the S&P 500 Index ended the week at new record highs.
The ability of the EUR/USD to sustain its higher realms late this week and not suffer any major reversals lower after Wednesday’s volatility is a solid signal.
Get the weekly Forex forecast for major currency pairs for the week of September 23-28, 2024 here.