In the absence of much else going on, the situation in the Middle East remained the centre of attention for market participants early this week. Those paying attention to oil prices may have suffered some form of financial whiplash over the last two sessions as Brent Crude blasted past $80 a barrel on Monday only to come crashing back down again the very next day. The reason for the selloff is an apparent cease-fire between Israel and Hezbollah, although as always with such matters the longevity of any agreement remains questionable.
The Dollar finally ended its relentless push this week, at least for the time being. Currencies have been remarkably stable over the last couple of sessions but all that could change with the release of US inflation figures tomorrow. Later today, the FOMC minutes should offer some insights into the Fed’s current mind-set. Expectations surrounding the next round of interest rate cuts changed significantly following Jerome Powell’s latest comments, to the point where markets are beginning to price in no change for the next decision.
Yesterday saw a rotation of money back into tech stocks, as evidenced by the Nasdaq Composite, which gained 1.45% by the daily close. The S&P 500 climbed 1% and the Dow Jones put in a more modest 0.3% rise. Gold appears to have gone off the boil over the past week, now trailing listlessly back towards $2,600 an ounce. Still keeping an eye on silver in case it decides to make a move but yesterday’s price action suggests nothing is on the immediate horizon. After toying with decade-long highs around $32, the lesser precious metal abruptly sold off yesterday, falling back to $30.5 an ounce.
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