Last week, market participants digested the aftermath of a hawkish Fed meeting as they signalled a sooner than expected end to their ultra-loose monetary policy. This sent stocks plummeting with the Dow putting in its worst weekly loss since October. On the other hand, the greenback surged and was amongst the top performers for the week with the DXY gaining close to 2% and moving to highs last seen in April. Risk assets took a beating following the risk event with antipodeans suffering the most. NZD/USD broke to lows from November whilst AUDUSD collapsed through 0.7500. The new policy stance for the FED reverberated across markets as Gold suffered its worst weekly loss since March with the commodity shedding over 6% over the course of the week. Going into the week ahead, financiers await the decisions from the 4th major central bank meeting in the past fortnight as the BOE take centre stage on Thursday.
Markets in Asia started the week off quietly as a result of some markets being absent in observance of public holidays. The Nikkei 225 moved above the 29,000-level following on from outperformance amongst Japanese exporters whilst USD/JPY also traded higher on the back of last week’s events. Market participants digested comments from the G7 meetings where leaders professed their unity with the ‘Build Back Better’ initiative.
In the UK, PM Johnson plans to address the nation after the government approved a four-week delay to the removal of the lockdown measures that were scheduled for the 21st of the month. Another review will be carried out in two weeks though is likely to be data dependent. This comes as the nation continues to experience a surge in variant cases despite a strong inoculation drive which has seen over 60mln receive at least one dose. Cable continued to trade rangebound last week with focus also on tension developing with Northern Ireland.
If you’re brand new to trading Forex, you might find a steep learning curve ahead of you. Not only will you be learning the fundamentals of Forex trading, you’ll also be learning what feels like an entirely new language too, as Forex trading has a fairly comprehensive lexicon used by traders on the trading floor.
Initially beginners might struggle to follow quickfire conversations if they’re littered with Forex trading abbreviations, so we’ve compiled a helpful initial list.
Below are the most common and necessary abbreviations for Forex traders to know and which they’ll likely come across in their reading or daily trading.
Markets in Asia were mixed as participants continued to digest the aftermath of last week’s US jobs data which failed to meet expectations. Financiers were looking for an additional 645,000 jobs to have been added in the past month though a lower figure of 559K sent US yields lower as expectations for maintaining the current FED policy grew. The Dollar index which broke to new weekly highs following the strong ADP report earlier in the week pulled back and settled just above the 90 handle. Going into the week ahead, investors will have their eyes on the monthly CPI data which could provide further guidance on the current state of the economy.
Last week the RBA maintained their cash rate at 0.10% as expected while also keeping parameters of the QE program unchanged. The Central bank reiterated its commitment to maintaining highly supportive monetary conditions until full employment has been achieved whilst also noting that though the economic recovery has been stronger than expectations, a presence of uncertainty still remains should a resurgence in virus outbreaks persist.
We are pleased to see amazing results from our Global Trader Programme student Dimitris who will be joining the Deloitte Business Analyst team!
Deloitte offered me a job as a business analyst. The role isn’t specific to trading but my experience at Alphachain helped me to show to the company that I have a solid understanding of the markets and knowledge of the importance of financial organizations and institutions in affecting economies globally.
We first welcomed Dimitris back in December 2020 on the Global Trader Programme and after 3 months of training has since then moved onto trading one of our live funded $15,000 account.
Major congratulations and best of luck from all the Alphachain team!
Markets in Asia began the week mildly positive following on from last weeks mixed performance on Wall Street as market participants look towards month end. Last week saw the greenback rebound after the somewhat dull mood on Friday where a number of Fed speakers took centre stage once again. Fed’s Barkin outlined that the Fed will taper when substantial progress has been made whilst Kaplan and Harker also reiterated that conversations surrounding tapering should begin sooner rather than later. This follows on from the somewhat hawkish FOMC minutes release where a number of participants suggested that if the economy continued to make rapid progress towards the committee’s goals then talk on adjusting the pace of asset purchases will begin. The continued discussion on inflation and tapering continues to be the overarching theme for investors and financiers as they look towards a week where economic data is sparse.
Asian markets traded mixed though only partially benefitted from last Friday’s rebound on Wall Street where the major indices gained as weaker than expected US industrial production and Retail Sales data supported the narrative for further Fed accommodation and support.
In the UK, PM Johnson outlined that there is no need to delay the reopening and announced the acceleration of second doses to over 50s which will be eight weeks after the first dose. The Prime Minister also noted that they have seen more clusters of the Indian variant and noted that though the variant appears to be more transmissible there is no evidence to suggest that the vaccines are less effective. Health Minister Hancock mentioned that the government will decide on the 14th of June as to whether the final lifting of the Covid-19 restrictions will go ahead as scheduled on June 21st. This comes as the number of those fully vaccinated crossed 20mln.
Cryptocurrencies are in essence, digital money. The difference between cryptocurrencies and other forms of digital money, like central bank digital currency, are that cryptocurrencies use blockchain technology to make them safe from counterfeit or double spend.
Due to their widely reported security, self-custody aspects, and ‘digital gold’ comparisons, the popularity of cryptocurrencies is skyrocketing. Cryptocurrencies surge to the mainstream is so great that it has left brand new investors weighing up which is the best cryptocurrency to invest in 2021.
In this blog we’ve narrowed down the 7 best cryptocurrencies to invest in for new investors, and we’ve included one to watch. If you’re looking to start a career in trading cryptocurrency markets meanwhile, take a look at our funded cryptocurrency trader programme.
In 2020, we here at Alphachain Academy funded over 500 traders across 60 countries. As if that wasn’t enough, we issued $4.7 million in funded trading accounts to brand new traders who joined our programmes.
And now we want to do the same with our funded trader programme. Our funded trader programme is open to those with prior trading experience, and if approved, we offer a guaranteed $15,000 trading account in exchange with a 50% profit share. If that’s not enough of an incentive, you can double your capital each time you hit a target until you eventually reach a $1 million traded account.