In the realm of trading and investing, where dynamics are ever-evolving, staying abreast of current market trends and data is paramount for making well-informed decisions. This article delves into the market statistics of the preceding week, exploring their significance for traders and investors.
It encompasses a range of key factors, including notable earnings, trading statistics, and instruments, while also examining how the global market update influenced major currency pairs.
Top 5 Payouts:
During the previous week, noteworthy payouts were observed, reaching;
- $30,147 – 150k Account Size (Scaled up) – 20.10%
- $29,604 – 200k Account Size – 14.80%
- $27,027 – 100K Account Size – 27.03%
- $22,226 – 75k Account Size (Scaled up) – 29.63%
- $20,664 – 200k Account Size – 10.33%
The noteworthy payout amounts exemplify the market’s volatile nature and the presence of numerous profitable opportunities for traders. These substantial payouts provide evidence that traders achieved success by taking advantage of these opportunities through wise investment decisions.
Weekly Trading Stats:
Traders received a payout of $1,024,115 last week, which was divided among 601 individuals. This demonstrates a notable level of trader engagement in the market, with those who made astute investment choices earning substantial profits.
Throughout this period, a total of 328,228 trades were conducted, involving a combined sum of 303,815 lots. These figures underscore the significant trading activity, indicating a market environment characterized by volatility and dynamic fluctuations.
Weekly Trading Instruments:
The week witnessed significant trading activity in notable pairs including XAUUSD, EURUSD, US30, GBPUSD, and NDX100. These pairs are popular among traders and investors due to their volatility, which adds to their appeal for investment. The substantial trading volume associated with these pairs indicates high demand throughout the week, presenting traders with potential profit opportunities.
Among all currency pairs, EURUSD, NZDUSD, and USDJPY demonstrated favorable performance, boasting winning percentages of 56.26%, 55.55%, AND 54.81% respectively. This suggests that traders who engaged in these pairs potentially achieved noteworthy profits.
Conversely, the CADJPY, AUDUSD, and AUDCHF currency pairs did not perform well, reflecting losing percentages of 53.35%, 50.24%, and 49.86% respectively. This implies that traders who invested in these pairs might have encountered losses.
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Global Market Update:
- Is the luster of gold tarnishing? The dollar’s modest rebound coupled with hawkish outlooks by major central banks has been putting severe pressure on the precious metal. With the XAU/USD range stuck below $1,960, experts are predicting the specter of a $1,900 scenario. A grim tale indeed for bullion investors, but could this be the buying opportunity of the decade?
- But wait, the tide could turn for the gold bulls! Despite the Fed’s hawkish outlook and the tougher stance from other global central banks, whispers in the market suggest the tightening might be nearing its end. As uncertainty continues to lurk, a softer risk tone could bolster the safe-haven allure of gold. Could this be the precursor to a bull run breaching the $2,000 psychological mark? Stay tuned to witness the epic battle between gold and greenback!
- The US Dollar Index (DXY) has seen a slight recovery in a quiet Asian trading session due to the US Juneteenth holiday. The recovery is influenced by a persisting hawkish stance from the Federal Reserve, despite mixed US data and hawkish moves from the European Central Bank. Future trends for the DXY will be heavily influenced by Fed Chair Powell’s upcoming testimony and June’s PMI data.
EUR/USD: EUR/USD Retreats from Five-Week High: A Possible Downtrend in Sight?
- The EUR/USD pair is seeing a pullback from a five-week high, signaling a potential downturn due to overbought RSI conditions and a bearish spinning top candlestick pattern.
- The pair are set for a possible decline towards a nine-week-old horizontal support zone around 1.0910-900. However, bullish MACD signals and the 50-DMA support at around 1.0880 could present a challenge for the bears.
- A significant slump toward the 50% and 61.8% Fibonacci retracement levels of the March-April rally (at around 1.0800 and 1.0735 respectively) could be on the cards if the pair falls below 1.0880. The upside seems capped unless the pair can break past the 23.6% Fibonacci retracement level near 1.0960 and the previous day’s high of around 1.0970.
GBP/USD: GBP/USD Gains Momentum Amid BoE Rate Hike Expectations: Is There Room for More Upside?
- The GBP/USD pair has been on a bullish run for four consecutive days, reaching near 14-month high levels, bolstered by market expectations for additional rate hikes from the Bank of England (BoE).
- The BoE is widely anticipated to increase benchmark rates by 25 bps this Thursday to 4.75%, the highest since April 2008. Some investors are even speculating on the possibility of a larger 50 bps hike, all of which are providing a strong tailwind for the GBP.
- Despite the Fed’s hawkish signals last week, uncertainty regarding its future rate hikes has left USD bulls defensive, offering further support to the GBP/USD pair. Market focus will be on Fed Chair Jerome Powell’s testimony this week, alongside key data releases, including consumer inflation figures and flash PMI prints from the UK and the US.
EUR/JPY: EUR/JPY Soars to New Highs Amid Divergent Monetary Policies: What Lies Ahead?
- The EUR/JPY pair made significant strides this past week, gaining over 1% and hitting a fresh cycle high of 155.20, driven by the monetary policy divergence between the European Central Bank (ECB) and the Bank of Japan (BoJ).
- As predicted, the BoJ held its monetary policy steady in its recent two-day meeting, acknowledging stable inflation expectations despite slowing core inflation. The bank projects a further slowdown in inflation by mid-2023 and emphasizes the need to monitor financial and foreign exchange market developments closely.
- Looking ahead, market predictions suggest a 15% probability of a policy shift from the BoJ in July, which increases to 25% in September, 45% in October, and 65% in December. Meanwhile, the hawkish messages from the ECB have continued to boost the Euro’s performance.
AUD/USD: A Pivotal Moment as Bears Eye the 38.2% Fibo Amid the Aussie’s Four-Month High
- The Australian Dollar has shown substantial strength recently, reaching its highest in four months and recording a 2.2% weekly gain – its best performance since mid-November 2022.
- Despite this strong momentum, AUD/USD bears are seemingly making a move in the market, with their sights set on the 38.2% Fibonacci level, indicating potential downward pressure.
- The price is currently meeting a daily order block, and key technical supports on the daily trendline will be critical to watch for any signs of sustained bearish action.
NZD/USD: NZD/USD Consolidates Below 0.6250: Possible Breakout as PBoC Policy Release Looms
- NZD/USD is trading sideways, just beneath the immediate resistance of 0.6250, as the market awaits influential economic indicators. Despite the current consolidation, the pair may favor an upside as the USD Index touches its annual low.
- The Kiwi could see significant action in the coming week due to the forthcoming interest rate decision from the People’s Bank of China (PBoC).
- NZD/USD is currently consolidating around the 61.8% Fibonacci retracement level at 0.6233. With the 20-period Exponential Moving Average (EMA) suggesting a short-term bullish trend, a confident breakout is anticipated.
Gold Price Extends Rally Above $1,960 Amid Fed’s Rate Decision and Risk-On Mood:
- Gold prices are on an upward trend, reaching near $1,964.00 as the US Dollar Index looks vulnerable above the significant support of 102.00.
- The Federal Reserve’s decision to hold off on further interest rate hikes has provided some relief to market participants, bolstering gold’s rally.
- After breaking out of the Falling Channel pattern, gold prices may see further gains, suggesting a potential bullish reversal.
Silver Prices Surge Above $24 as the USD Index Remains Weak Amid Rate Hike Uncertainty:
- Silver prices rise comfortably above the $24 mark as the USD Index faces downward pressure, with investors skeptical about two additional Fed rate hikes this year.
- The risk-appetite theme in the market restricts further upside for the US Dollar Index around the 102.30 level.
- Richmond Fed Bank President Thomas Barkin warns that further rate hikes could significantly slow the economy, emphasizing a need for upcoming data to confirm a slowing demand returning inflation to the 2% target.
WTI Crude Oil Steadies Amid Central Banks’ Rate Decisions and Growing Chinese Demand:
- WTI crude oil prices register a minor increase of 0.28%, bolstered by the People’s Bank of China’s rate cut, aimed to stimulate economic growth.
- The contrasting monetary policy decisions of the European Central Bank’s rate hike and the Federal Reserve’s rate hold to influence the movement of WTI prices.
- Growing Chinese demand for oil and OPEC+’s output cuts provide additional support for WTI prices.
Watch out for Next Week’s Important Dates
- On 24th June, the United States core inflation 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 23rd June, the United Kingdom retail sales e report will have a significant impact on British bond and stock markets. A higher-than-expected figure should be seen as positive (Bullish) for the GBP while a lower-than-expected figure should be seen as negative (bearish) for the GBP.
- It is important to pay attention to the United States’ initial jobless claim report on 25th June as it may have significant impacts on major currencies. A higher-than-expected figure should be seen as negative (bearish) for the USD while a lower-than-expected figure should be seen as positive (bullish) for the USD.