The week passed surprisingly quietly, with currencies making only slight moves overall and the main recent trends continuing. Equities managed to grind higher for yet another week, and precious metals outperformed.

The US Dollar tried to move higher but failed to show any strength. US data came in mixed, with GDP higher than expected, Core PCE in line, and Chicago PMI marking a big miss.

The Euro and the Pound had a third sideways week in a row, with economic data disappointing on both sides. UK GDP came in at -0.3% QoQ, making it a technical recession, and German retail sales again crashed lower.

Commodity currencies should have performed better as the Dollar stalled and Oil rallied, but they didn’t. Most majors struggled to show any weekly movement, frustrating traders. The only currencies with decent weekly moves were the CHF and NOK, with a 0.5% and 0.8% sell-off, respectively, and the CAD with 0.5%.

Oil went back into beast mode, showing elevated intraweek volatility. Last week, WTI rallied nearly 3% to close above $83.

Precious metals recovered very well from last week’s last-gasp technical slam down. Gold mainly saw consistent buying, and it registered another all-time high close. Last week, Gold rallied over 3% to close at $2,233, and Silver gained 1.2% to close just below the $25 level.

Equities are still technically bullish and continue to frustrate bears. We sound like a broken record every week, but the path of resistance remains to the upside. Last week, the S&P500 index gained 0.3% to close at 5254 points, and the DAX gained 1.6% to close at 18492 points.

Bonds had a tranquil week. The 10y UST yield was unchanged at 4.20%, and so was the 10y Bund at just over the 133 level.

Finally, crypto-currencies found support after the previous week’s sell-off and still look strong. At the time of writing, Bitcoin and Ethereum are up roughly 6% at $70,000 and $3,600 respectively.

The Week Ahead:

Last week was quiet, but the week ahead should be anything but calm. It’s a data-heavy week, with several Manufacturing, Services, and Construction PMI releases. We wrap the week with the usual US NFP mayhem!

Market Commentary: This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data, and other information are not warranted as complete or accurate and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Coeus Capital. Coeus Capital does not assume any liability whatsoever for the content of this newsletter or make any representations or warranties as to the accuracy and completeness of any information contained in this newsletter.