This week, the U.S. economic data is relatively calm, with corporate earnings reports being the main focus
Last week, the U.S. September CPI and PPI data were released in succession, sending mixed signals to the market, but overall data showed that inflationary pressure still exists, making a 25 basis point rate cut by the Federal Reserve next month almost certain.
According to monitoring, last Friday's unexpectedly flat PPI data led all three major U.S. stock indices to rise collectively, with both the Dow Jones Industrial Average and S&P 500 hitting record intraday highs. Last week, the Dow rose 1.21%, the S&P 500 rose 1.11%, and Nasdaq rose 1.13%, all three major stock indices recorded gains for five consecutive weeks; The crypto market followed suit with Bitcoin back above $62k USD at press time reporting $62,659 , narrowing its weekly decline to 1.82%. Ethereum reported $2,455 , narrowing its weekly decline to 1.47%.
In terms of forex commodities,the dollar index continued rebounding last week,rising by an accumulated total of .4% which drove most non-US currencies down; Due to escalating tensions in Middle East,international oil prices have risen for two consecutive weeks,U.S crude oil increased by an accumulated total of % over entire week,Brent Crude Oil went up by %. Fluctuating trends in US dollar further pushed spot gold closer towards historical high,it slightly turned around throughout entire week.COMEX Gold Futures reported at $2674/ounce,this week it has gone up accumulatively by .04%.
This week's economic data from United States was relatively calm.Corporate earnings reports could potentially become a bigger focus.As new round of earnings season kicks off,U.S stocks might face challenges.The recent news considered as biggest threat within cryptocurrency markets is about potential sale of approximately BTC (around billion USD)by US government.In addition,a few weeks away from US elections,the deadlock situation also adds many uncertainties into market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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