In the ever-fluctuating world of trading and investing, it’s vital to keep up-to-date with the latest market trends and data in order to make knowledgeable decisions. This article delves into the significant market figures of the previous week, elucidating their implications for traders and investors.
The article covers a plethora of critical aspects such as significant earnings, trading figures, and financial instruments, whilst also scrutinizing the effects of the global market update on major currency pairs.
Top 5 Payouts:
Last week significant payouts were recorded, amounting to;
- $36,725 – 100k Account Size – 36.72%
- $27,652 – 100k Account Size – 27.65%
- $26,003 – 200k Account Size – 13.82%
- $21,754 – 70K Account size (Scaled Up)- 31.08%
- $19,841 – 100kAccount Size – 19.84%
The significant payout amounts illustrate the market’s instability and the plethora of profit-making opportunities for traders. These sizable payouts testify that traders were able to capitalize on these opportunities, reaping rewards from their judicious investment decisions.
Weekly Trading Stats:
Last week, traders were paid out a sum of $1,234,761, which was distributed among 780 participants. This showcases a considerable level of trader involvement in the market, with those making shrewd investment choices reaping considerable earnings.
Over this time span, a whopping total of 515,272 trades were executed, involving a combined volume of 444,504 lots. These numbers highlight the remarkable trading activity, suggesting a market landscape typified by volatility and constant shifts.
Weekly Trading Instruments:
The week saw substantial trading activity involving notable pairs such as XAUUSD, EURUSD, GBPUSD, US30 and NDX100. These pairs typically appeal to traders and investors due to their inherent volatility, thereby enhancing their investment attractiveness. The sizable trading volume associated with these pairs demonstrates their high demand throughout the week, offering traders prospective avenues for profit.
Among all the currency pairs, USDCHF, GBPUSD, EURCAD performed exceptionally well, achieving winning percentages of 58.09%, 55.11%, 54.8% respectively. This indicates that traders engaged with these pairs might have reaped impressive gains.
On the other hand, the currency pairs of CADJPY, USDCAD, and AUDUSD did not fare well, posting losing percentages of 49.67%, 49.29%, and 48.91% respectively. This suggests that traders who ventured into these pairs may have sustained losses.
|| Is the US Dollar Nearing a Tipping Point? Find Out What the DXY Index Reveals! ||
Global Market Update:
- The USD meets with a fresh supply on Monday and stalls its recovery from over a two-month low. The US Dollar (USD) Index (DXY), which tracks the Greenback against a basket of currencies, comes under some selling pressure on the first day of a new week and drops to the daily low, around the 102.70 area in the last hour.
- Sustained weakness below the 23.6% Fibo. level, around the 102.60-102.55 region, will expose the 102.15-102.10 horizontal support. This is followed by the monthly low, just below the 102.00 mark, below which the DXY could accelerate the fall towards testing the next relevant support near the 101.30-101.25 region.
- Gold price kicks off the new week on a positive note and looks to build on Friday’s modest bounce from the $1,910 area, or its lowest level since March 16. The XAU/USD trades around the $1,927 area, up nearly 0.35% for the day, though lacks follow-through and remains well below the 100-day Simple Moving Average (SMA) through the Asian session.
The US Dollar (USD) struggles to capitalize on its recovery move witnessed over the past two days, from the lowest level since May 11, and meets with some supply on Monday amid a modest downtick in the US Treasury bond yields.
EUR/USD: EUR/USD Sees Mild Positive Bias But Lacks Conviction – What’s Next?
- EUR/USD trades just above 1.0900, the uptick lacks bullish conviction.
- US bond yield downtrend and weakened business activity weigh on the USD.
- Disappointing Eurozone PMI prints and Federal Reserve’s hawkish outlook cap the pair.
GBP/USD: GBP/USD Notches Intraday Gains, However, Limited Upside Expected
- GBP/USD shows modest gains, thanks to weaker USD.
- The hawkish outlook from the Fed is likely to cap significant GBP/USD gains.
- Concerns about potential economic harm from the BoE’s aggressive rate hike limit bullish momentum.
EUR/JPY: EUR/JPY Recovers Despite Early Losses Amid Negative Market Sentiment
- EUR/JPY bounces back from a low of 155.06 to 156.60, buoyed by sour market sentiment.
- Lower-than-expected European and German PMIs and soft inflation data weigh on the Yen.
- Ongoing monetary policy divergence between the ECB and BoJ adds additional selling pressure to the JPY.
AUD/USD: AUD/USD Dips to Monthly Low Amid Mixed US PMIs
- AUD/USD falls more than 1% pips during Friday’s session, facing a 2.9% weekly decline.
- Mixed US PMIs for June and weak UK and Eurozone PMIs prompt negative market sentiment, pressuring the Aussie.
- Falling US bond yields and Wall Street losses signal flight-to-safety flows.
- Upcoming US Core PCE, GDP data, and Australian Monthly Consumer Price Index are the key focus for the market.
NZD/USD: NZD/USD Expected Short-Term Stagnation, Potential Long-Term Uptrend – CIBC
- NZD has experienced a decline against most G10 currencies following RBNZ’s market surprise.
- Short-term stagnation is expected for NZD/USD due to RBNZ’s dovish stance.
- The NZD/USD is predicted to trend upwards in the medium term due to broad USD weakness.
- Relative strength in terms of trade for New Zealand compared to key trading partners could boost NZD/USD in the latter part of the year and into 2024.
XAU/USD Nears $1,920 as USD Index Momentum Wanes:
- Gold price recovery extends near $1,920 as USD Index momentum shows signs of exhaustion.
- The overall risk profile remains negative due to concerns about global economic prospects driven by hawkish central bank stances.
- The breakdown region of the Bearish Wedge chart pattern around $1,921.11 has been tested in a minor gold price recovery.
- Investors continue to monitor US preliminary S&P PMI data for June.
Silver Price Hits Three-Month Low as it Continues Five-Day Losing Streak:
- Silver price (XAG/USD) is in a five-day losing streak, dropping to its lowest level since March 17 at around $22.15.
- The metal justified this downward trend with an early-week break of an ascending support line from mid-March, along with a previous day’s breaking of the 200-day moving average (DMA) around $22.50.
- Bearish MACD signals favor silver sellers, although an oversold RSI (14) suggests limited downside potential.
WTI Expected to Reach $90 Later in 2023 – TD Securities:
- Despite dropping below $70, WTI Crude is projected to return to $90 later in the year.
- This recovery is expected despite a problematic macro environment that could decrease demand and risk appetite.
- Recent Saudi and OPEC+ supply reductions could create a deficit in Q3 and Q4, countering the surplus from H1 2023.
Watch out for Next Week’s Important Dates
- On 28th June, the United States Trade Balance 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 the 29th of June, the United States Initial Jobless Claim report will significantly impact British bond and stock markets. A higher-than-expected figure should be seen as positive (Bullish) for the USD,, while a lower-than-expected figure should be seen as negative (bearish) for the GBP.
- It is essential to pay attention to the EURO CPI report on the 30th of June as it may have significant impacts on major currencies. A higher-than-expected figure should be seen as negative (bearish) for the EURO while a lower-than-expected figure should be seen as positive (bullish) for the EURO.