Weekly Market Snapshot: A Week of Mixed Signals
London: 22 March 2024 (TraderMade): This week's market performance offered a rollercoaster ride across asset classes, with some sectors surging while others saw corrections. Let's dive into the key movers:
Key Takeaways
- Forex: USD and CAD lead the pack, CHF and SEK slump.
- Asia: Nikkei and Hang Seng see modest gains on easing inflation worries.
- Europe: Mixed bag for Europe with flat performance in CAC 40, while FTSE 100 and DAX gained.
- US: Major US indices experience surges and then slip a bit.
- Energy: Brent and WTI crude oil retreated on slowing demand concerns. Natural gas prices continued their downward trend due to a storage surplus.
- Precious Metals: Gold holds steady, and silver follows suit with limited movement.
- Overall: Cautious market sentiment as investors weigh geopolitical risks against inflation hopes.
Forex
Top Gainers
The US Dollar (USD) and Canadian Dollar (CAD) are the top gainers this week. The US Dollar gained significantly against the other major currencies. The Canadian Dollar surged 2.14% against the Swiss Franc.
Top Losers
Swiss Franc (CHF) and Swedish Krona (SEK) are this week's top losers, declining 1.7% and 1.54% against the dollar, respectively.
Global Markets
Asian Markets Slightly Surge
The Nikkei (JPN225) and Hang Seng (HKG33) closed the week slightly higher, finding some support from easing inflation concerns.
European Markets Mixed
European indices experienced mixed results. The FTSE 100 (UK100) surged 3.49% and settled at 7944.9502; CAC 40 (FRA40)traded volatile and flat, while the DAX (GER30) surged 1.79% over the last week.
US Markets Soar
The Standard & Poor's 500 (SPX500) surged 3.1% and then settled at 5244.7197; the Nasdaq 100 (NAS100) surged 4% and then settled at 18325.1484; and the Dow Jones Industrial Average (USA30) also increased 3.37% and retreated to 39834.
Energy Markets
Crude Oil Slipped
Both Brent Crude (UKOIL) and WTI Crude (OIL) prices retreated from recent highs as concerns about slowing global demand resurfaced.
Natural Gas (NATGAS) Dipped
Natural gas prices continued their downward trend due to reports of larger-than-expected storage builds in the US.
Precious Metals
Gold (XAUUSD) Stable
Gold prices remained relatively stable throughout the week, hovering near their recent support levels.
Silver (XAGUSD) Moved Limited
Silver prices mirrored gold's trajectory, with limited movement seen during the week.
Summary
The market mood this week was cautious, with investors balancing concerns about geopolitical risks with hopes for a slowdown in inflation. While some sectors, like the Japanese Yen and natural gas, experienced gains, others, like crude oil and emerging market currencies, faced headwinds.
