Last week was another exciting week in the trading world. Here’s your 5-minute overview of the forex, crypto, and stock markets with hot stories that may have an impact on your investment strategy.
Forex Market Overview
Most of last week’s forex action was centered on developing Brexit news. The European Union decided to extend the UK’s leave date—originally scheduled for last Friday—until October 31st, which caused the Euro to increase in relative value by roughly 1%.
The Pound had a week of ups and downs, though, without the Brexit extension, the downs probably would have been much worse. There are several important reports coming out this week—including job reports and inflation information—so Sterling’s volatility will likely remain above average.
Following the release of some positive Australian and Chinese trade reports, the Australian Dollar was able to remain among the most productive currencies on the forex market. While the Japanese Yen did have a strong start to the week, most of its gains were reversed by week’s end.
Taking a Closer Look at AUD/JPY
The AUD/JPY pair successfully broke above the daily Ichimoku Cloud as well as a key pivot level and the 50% Fibonacci retracement level of 79.74 at the end of last week. Though the pair kinda lost its momentum on Monday, doors still are open for the pair to reach the 81.52 resistance level.
Both the United States Dollar and Canadian Dollar had somewhat uneventful weeks, which was likely caused by the fact most currency trading activity was taking place in Europe. With several important reports coming out of Canada this week, the Loonie is likely to be a bit more active.
Crypto Market Overview
Following an excellent start to the month of April, Bitcoin prices have begun to stabilize, hovering just above $5,000 per coin. The coin’s peak value of $5,320 last Wednesday was significantly higher than the $4,095 price on March 31st.
It looks like we are already off to another busy week in the crypto world. After Binance decided to delist Bitcoin SV—an offshoot of Bitcoin—its value immediately dropped by 9 percent. Tensions between Craig Wright and Changpeng Zhao will likely spark some reactionary trading action.