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WEEKLY MARKET REVIEW − December 19-23 2016

Bank of Japan’s interest rate decision will be this week’s main event

 

Forex

GBP/JPY, Daily

GBPJPY dec 19

Last week the Fed decided to raise the rates by 25 basis points, with Janet Yellen mentioning that the potential exists for three rate raises over the coming year. Additionally, GDP growth improved and the unemployment should drop during the next three years. The Bank of England’s interest rate decision, which left rates unchanged additionally garnered a lot of attention.

This week investors will pay attention to the Bank of Japan’s interest rate decision. Traders should additionally focus on both Canadian and US inflation data. Furthermore, UK Q3 GDP will be published this week.

 

Stocks

USA

Dow, Daily

Dow dec 19

Last week a number of US stock indices declined somewhat. At the beginning of week, the US stock markets rose as OPEC members agreed to freeze oil output. Additionally, the Fed increased the interest rates, further moving the indices.

However, towards the end of the week, stock markets started trading in a narrow range. This week US economic statistics will impact indexes the most.

Europe

DAX, Daily

DAX dec 19

Major stock indexes across Europe grew last week thanks to better than expected Chinese industrial production data. Additionally, positive oil dynamics supported the stock markets, despite mixed EU statistics.

Eurozone statistics will play a major role this week.

 

Commodities

GOLD, Daily

Gold dec 19

Last week gold lost about $20 of its value as US economic statistics came out better than expected especially after the Fed’s rate hike.