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Weekly Market Review – September 12-16 2016

US economic statistics will impact the market the most this week

 

Forex

EUR/USD, Daily

EURUSD September 12

Last week’s main event was the ECB meeting, with the rates remaining unchanged.

Meanwhile, traders are awaiting a similar decision by the Bank of England, with the upcoming meeting scheduled for Thursday 11:00 GMT.

 

Stock Market

USA

NASDAQ, Daily

NASDAQ September 12

The index finished the week in downtrend due to technical factors. Additionally, negative statistics on the US economy put further pressure on the index. Moreover, declines in Apple had a negative impact on all the three key indexes.

 

Europe

DAX, Daily

DAX September 12

The ECB on its policy meeting, kept its interest rates unchanged, with no new changes coming to its $1.9 trillion stimulus package. ECB President, Mario Draghi did show his concern over low inflation, but did mention that policymakers did not come up with any new stimulus measures.

This week traders will wait for Bank of England meeting.

 

Commodities

GOLD, Daily

Gold September 12

Last week, gold rose slightly, with the most significant increase coming on Tuesday after the US Services PMI.

As of Friday, traders were pricing in a 30% chance the Fed will raise rates this month, up from 24 percent a month ago. This comes after Boston Fed President, Eric Rosengren moved more firmly into the hawkish camp. Dallas Fed President, Robert Kaplan additionally mentioned on Friday that improved US economic data over the last few months strengthened the case for a rate raise. However, he mentioned the Fed can afford to be “patient and deliberate.”