The world of trading and investing is constantly changing, and staying on top of the latest market trends and data is crucial for making informed decisions. This post analyzes the previous week’s market statistics and their implications for traders and investors. It covers top payouts, trading stats, and instruments, as well as the impact of the global market update on major currency pairs. Additionally, recent developments in Gold, Silver, and Oil prices are discussed, along with upcoming events for the week, including the US CPI report and the GBP Balance of Trade report, to assist traders in making informed investment decisions.
Top 5 Payouts:
The top 5 payouts of the previous week were $40,428, $34,216, $28,415, $25,294, and $17,281, respectively. These payouts are significant and indicate that the market was volatile and offered several opportunities for traders to make profits. The high payouts suggest that traders were able to capitalize on these opportunities by making smart investments.
Weekly Trading Stats:
The total payout amount for the week was $1,042,242, and the total number of traders paid was 779. This indicates that a large number of traders participated in the market during this period, and the market offered substantial profits to those who invested wisely.
The total number of trades placed was 169,587, and the total number of lots was 141,054. This indicates that there was significant trading activity in the market, which is another indicator of volatility.
Weekly Trading Instruments:
The top trading pairs during the week were XAUUSD, EURUSD, US30, GBPUSD, and NDX100. These pairs are popular among traders and investors and are known to be volatile, which makes them attractive for investment. The high trading volume of these pairs indicates that they were in demand during the week, and traders were able to make profits by investing in them.
The winning pairs during the week were AUDCHF, GBPUSD, and USDJPY. The winning percentage for these pairs was 57.34%, 56.42%, and 54.83%, respectively. This suggests that traders who invested in these pairs were able to make significant profits.
The losing pairs during the week were USDCAD, CADJPY, and AUDUSD. The losing percentage for these pairs were 51.28%, 51.16%, and 49.87%, respectively. This indicates that traders who invested in these pairs may have suffered losses.
Global Market Update:
- In the Monetary Policy Meeting of the Reserve Bank Board on May 2, the RBA’s rate rise is a “wake-up call” for the government, says Shadow Treasurer Angus Taylor. The government has failed to present a clear plan to deal with the inflationary pressures faced by Australians, leading the country in the wrong direction. At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 3.85 percent. It also increased the rate paid on Exchange Settlement balances by 25 basis points to 3.75 percent.
- Canada saw a 0.2% increase in part-time employment in April, while full-time employment remained steady, with employment increasing in wholesale and retail trade, transportation and warehousing, educational services, and information, culture, and recreation sectors. Meanwhile, the US experienced an increase in total nonfarm payroll employment by 253,000 in April, with employment gains in professional and business services, health care, leisure and hospitality, and social assistance, and an unchanged unemployment rate of 3.4%.
- The Federal Reserve (Fed) increased the Fed funds rate by 50 basis points to 0.75-1.00% and signaled the start of a series of rate hikes, while also announcing the start of Quantitative Tightening (QT) for 1 June. The market reacted with a sharp drop in the two-year Treasury yield and a steepening yield curve, and equity markets rallied sharply. The outlook for fixed income markets remains mixed, and the dollar bull market may struggle against high yielding EM currencies.
- The EUR/USD pair has been experiencing volatility, with its value being affected by various factors such as economic data releases, monetary policy decisions, and geopolitical events.
- The Federal Reserve’s policy decisions and economic indicators, such as US CPI and employment reports, have a significant impact on the US dollar and, consequently, the EUR/USD pair.
- The European Central Bank’s policy decisions and Eurozone inflation data releases can also affect the EUR/USD pair’s value.
- Technical analysis, such as chart patterns, moving averages, and momentum indicators, can be used to analyze the EUR/USD pair’s price movements and identify potential support and resistance levels.
- GBP/USD is being impacted by various factors, including the Fed policy, US private employment data, and BoE interest rate hikes.
- US bond yields and US macro data are also having an impact on GBP/USD.
- UK inflationary pressures are showing no signs of deceleration, which is affecting the GBP/USD pair.
- GBP/USD bulls are in the market while above key trendline support, while bears are taking on the micro trendline.
- The EUR/JPY pair has been rallying to multi-year highs due to central bank divergence, with the ECB expected to raise rates, while the BoJ kept its policy unchanged.
- Despite the ECB’s hawkish bias being affected by downbeat data, hopes of continued easing by the BoJ, downbeat US Treasury bond yields, and US government efforts to tame the banking crisis have favored the EUR/JPY pair’s run-up.
- The underlying strong upside momentum in the cross appears unchallenged for the time being, with further upside favored while the cross trades above the 200-day SMA.
- There are upcoming events that could dictate the price action of the EUR/JPY pair, including the European Central Bank interest rate decision, which analysts expect to result in a comfortable 25bps hike in May.
AUD/USD: AUD/USD Struggles for Breakout Above 0.6700, Fueled by Solid Trade Balance Data:
- The AUD/USD pair is experiencing upward momentum, supported by a strong US jobs report and a surprise rate hike by the RBA.
- The RBA’s hawkish outlook and upbeat Australian Trade Balance data are further supporting the AUD/USD pair, despite concerns over the US banking sector and debt ceiling expiry.
- The release of hawkish RBA minutes indicating the possibility of more rate hikes if inflation remains high has helped the AUD/USD pair climb above significant resistance levels.
- Despite the US Federal Reserve’s recent rate hike, the AUD/USD pair remains bullish due to broad-based dollar weakness and the RBA’s surprising actions.
- Gold price has been struggling to find direction due to multiple factors, including hawkish Fed bets, downbeat China PMIs, and holidays in multiple markets.
- The appeal for the US Dollar Index is improving ahead of the interest rate decision by the Federal Reserve, causing downward pressure on gold price.
- Traders have been increasing their open interest positions for gold futures markets, indicating bullish sentiment among them.
- Gold price has been highly volatile recently due to a combination of factors such as the Federal Reserve’s policy decisions, fears of banking crises, and economic data releases.
- Silver price has been fluctuating within a wide range, impacted by a combination of factors such as news of JPMorgan Chase’s takeover of First Republic Bank, policy decisions by the US Federal Reserve, and changes in US Treasury bond yields.
- Silver has been struggling to make it through the 100-period Simple Moving Average (SMA), warranting some caution for bullish traders and before positioning for an extension of the recent bounce from the $24.50-$24.40 horizontal support.
- Technical indicators on the daily chart maintain their bullish bias and have been gaining positive traction on hourly charts, supporting prospects for some intraday appreciating move back towards the $25.50 supply zone.
- Silver options market signals remain bearish for May, after a downbeat April, but the daily RR prints the strongest bullish level of 0.1000 in three weeks, indicating some optimism.
- Crude oil prices have been struggling due to concerns about rising borrowing costs and weaker Chinese manufacturing data, undermining the commodity-linked Loonie and supporting the USD/CAD pair.
- WTI crude oil faces selling pressure due to the USD’s broad run-up, market fears of banking fallouts, and hawkish central bank actions.
- WTI crude oil retreats from its two-week-old falling trend line and the 50-SMA, while the steady RSI (14) line adds to the downside bias.
- USD/CAD is affected by the slump in WTI crude oil prices, Canada’s main export, and the risk-off mood, but a decline in crude oil inventories reported by the American Petroleum Institute eases the bearish pressure.
Watch Out This Week
- Today, on 8th may, the UK is celebrating Bank holiday for the coronation of King Charles III.
- On 10th May, the US CPI report will come out. A figure that is higher than anticipated should be viewed as positive (bullish) for the USD, while a figure that is lower than anticipated should be viewed as unfavorable (bearish).
- On 11th May, the GBP Balance of Trade report will significantly impact British bond and stock markets. A higher-than-expected figure should be positive (Bullish) for the GBP while a lower-than-expected figure should be seen as negative (bearish) for the GBP.