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short-term long trades in the GBP/USD.The news is currently dominated by two major central banks hiking rates last week, and anticipated rate hikes by other major central banks over the coming week. Neither of the hikes, by the Bank of Canada and the Reserve Bank of Australia, came as a surprise, with both widely anticipated., the joint-highest of any major central bank with the Reserve Bank of New Zealand.
Earlier in the week, the Reserve Bank of Australia hiked its cash rate by 0.25% to a total rate of 3.10%. The other most important market news last week was Australian GDP data coming in just a whisker below expectations at a quarterly increase of 0.6%, and slightly higher than expected US PPI data which showed a month-on-month increase of 0.3%, suggesting inflation in the US may not be falling as rapidly as hoped. There was also an indication of stronger than expected consumer demand in the US – despite rising interest rates, consumer demand has tended to remain strong over recent months.
Global stock markets ended the week mostly lower, as did most commodity markets, notably in crude oil. The Forex market saw most strength in the US Dollar last week. The weakest currency was the Canadian Dollar. Rates of coronavirus infection worldwide rose for the fifth consecutive week. However, the raw numbers have not been this low since the end of the first wave in the summer of 2021. The most significant growths in new confirmed coronavirus cases overall right now are happening in Guatemala and Japan.
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