📈WEEKLY MARKET REPORT
📁Tuesday: NY Mfg. Survey; 2 Fed Speakers; $PANW $TOL Earnings
📁Wednesday: Durable Goods Orders; Fed FOMC Minutes; $ADI $CVNA Earnings
📁Thursday: Jobless Claims, Philly Mfg. Survey; 4 Fed Speakers; $WMT $DE Earnings
🚨Friday: PCE Inflation, Q4 GDP, Mfg., Services PMIs, New Home Sales
1️⃣Bitcoin fell below $70,000 to around $68,400, down 2.7%, extending a four-week losing streak amid uncertainty over interest rates and risk aversion.
2️⃣The cryptocurrency has wiped out roughly 50% of its value since hitting a record high of $126,000 in October, with broader crypto assets including Ethereum and altcoins tracking similar declines.
3️⃣The US dollar index has lost 8% against the British pound and nearly 12% against the euro over the last 12 months, despite stronger US economic growth.
4️⃣Analysts at ING note the mid-January 'sell America' episode has left lasting damage on the greenback, with the dollar losing much of its safe-haven value as investors rotate capital toward European markets.
5️⃣Gold prices dipped below $5,000 per ounce after surging 2% in the previous session on softer US inflation data. Multiple banks including ANZ predict gold will reach $5,800 per ounce in Q2, citing geopolitical tensions, concerns over Fed independence, and a broader shift away from traditional assets as supportive factors.
6️⃣Crude oil rose 1.43% to $63.79 as investors weighed implications of Tuesday's US-Iran negotiations, with geopolitical tensions keeping a floor under prices. Meanwhile, OPEC+ is reportedly leaning toward resuming output increases from April to meet peak summer demand, potentially pressuring prices if diplomatic tensions ease.
