In a week dominated by positive labor market news and growing optimism about the economic outlook, stocks continued their upward trajectory for the sixth consecutive week. Investors welcomed signs of resilience in the labor market, easing concerns of an impending recession and fueling hopes for a soft landing. Despite facing headwinds in the form of inflation and global uncertainties, the market maintained its positive momentum.
Record Highs and Retreats in Precious Metals: Gold Hits $2,140, Ends Week in the Red
Gold enthusiasts experienced a rollercoaster ride as the precious metal surged to a record high of $2,140 per troy ounce on Monday. However, the enthusiasm was short-lived, with Gold closing the week in the red. The dip raises questions about the stability of precious metals in the face of evolving market dynamics.
Natural Gas Takes a Hit: Plummets Nearly 10% to Five-Month Low
In a stark contrast to the broader market trend, Natural Gas faced a challenging week, losing nearly 10% of its value and plummeting to a five-month low. The decline is attributed to a combination of factors, including oversupply concerns and fluctuations in global energy demand. Investors are closely watching developments in the energy sector amid ongoing geopolitical tensions.
Weekly Market Performance in Numbers – FTMO Recap:
Indices:
- US30: +0.01%
- US100: +0.54%
- US500: +0.21%
- GER40: +2.21%
Commodities:
- Gold: -3.21%
- Silver: -3.66%
- BRENT: -9.51%
- NATGAS: -9.55%
Forex:
- EUR/USD: -1.11%
- USD/JPY: -1.48%
- GBP/USD: -1.21%
- USD/CAD: +0.61%
The FTMO Weekly Recap highlights the mixed fortunes across various financial instruments, underscoring the complexity of the current economic landscape. As the market navigates through uncertainties, investors remain vigilant, adapting their strategies to capitalize on emerging opportunities and mitigate risks.
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