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The GBP/USD was hit by another wave of strong selling last week and concluded trading near the 1.21958 ratio, testing lows not seen since early November 2023.
Markets are dominated by a strong US Dollar and rising US treasury yields, while stocks and other risky assets are performing badly.
WTI Crude Oil prices continued to find buyers as full volume came into the commodity markets and fundamental intrigue has caused consideration of speculative values.
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Get the weekly Forex forecast for major currency pairs for the week of January 13-18, 2025, here.
As markets returned from the holiday, the US Dollar regained strength while European and most commodity currencies lost value. Risk sentiment continued to be sketchy despite a possible recovery at the end of the week.
Get the weekly Forex forecast for major currency pairs for the week of January 06-11, 2025 here.
The EUR/USD went into the weekend near the 1.03080 mark, this briefly testing a low around the 1.02235 ratio on Thursday while thin trading conditions prevailed.
The past week of trading in Coffee Arabica saw relatively calm highs of nearly 330.90 on Thursday, which were preceded by lows around 313.25 on Tuesday – a price not seen since the first week of December.
WTI Crude Oil put in a week of gains and the price of the commodity actually came within eyesight of the 74.000 USD ratio on Friday, but in rather lightly traded markets that are suspect.
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The GBP/USD finished the week near the 1.25700 level, as the lower range of the currency pair continues to see plenty of tests and nervous sentiment appears to be creating headwinds.
The holiday week sees a quiet Forex market favouring the US Dollar and punishing commodity currencies, while stock markets advance before taking a knock at the end of the week.
Markets show mixed activity with Gold holding an uptrend, currency pairs staying range-bound, Bitcoin faltering, and indices subdued amid holiday trading.
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This past Friday WTI Crude Oil finished the week within eyesight of the 70.000 USD mark, but the closing price of nearly 69.875 was close to the previous week’s close of 69.500.
A hawkish pivot on rate cuts by the US Federal Reserve sent stock markets tumbling, while commodity currencies were hard hit in the Forex market.
The EUR/USD went into this weekend within sight of 1.04300, which may be considered a good achievement after having a hit a low around the 1.03400 mark on late Wednesday and once again Friday.