Weekly Markets Rundown: Global Markets Whip Up A Mixed Buffet

Published on: Jan 12, 2024|2 min read

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London: 12 January 2024 (TraderMade): Dive into a week where currencies tangoed, stocks swayed, and oil took a spicy turn. From the yen's triumphant comeback to Bitcoin's cautious salsa - we have all the ingredients for a market update to tantalize your investment appetite.

Global markets were cautious during the week, with mixed performance across asset classes. While some positive developments provided temporary boosts, underlying concerns about the global economy and geopolitical tensions still lingered.

So grab your fork and join us - it's time to serve up the latest scoops from the global financial feast!

Forex

The US dollar remained broadly unchanged after initially surging on mixed US jobs data and conflicting signals from Fed officials.

The Japanese yen gained strength on positive economic data and easing concerns about global recession. The USDJPY pair was the lowest on 9 January at 143.424 - and peaked yesterday (11 January) at 146.4175.

The British pound fluctuated but ended the week slightly higher. The GBPUSD pair was at its lowest on 8 January at 102674 - and peaked yesterday at 1.2783.

Stocks & Indices

Global equities were mixed, with some crucial indices ending the week slightly higher while others closed lower.

US markets saw volatility due to conflicting economic data and earnings season anxieties.
Asian markets were mostly positive, with the Nikkei 225 reaching a 34-year high on robust earnings reports.
European indices were cautious, with investors weighing geopolitical tensions and upcoming central bank decisions.

Crude Oil

Oil prices rallied due to concerns about supply disruptions in the Red Sea and Libya. US sanctions on Iran and ongoing geopolitical tensions in the Middle East supported oil prices. However, worries about a global economic slowdown and potential demand decline limited further gains.

During the last week, Brent Crude (UKOIL) was lowest on Monday, 8 January 2024 - at $75.199/barrel. At about 09:00 AM GMT today, it is $79.058/barrel.

Similarly, WTI Crude (OIL) was lowest on 8 January at $70.221/ barrel. Currently, it is $73.94/barrel.

Crypto

Bitcoin and other major cryptocurrencies saw modest gains throughout the week. Positive sentiment from improving global stock markets and hope for increased institutional adoption fueled the rise. However, regulatory uncertainties and concerns about energy consumption continue to cast a shadow over the crypto market.