On May 19th, I predicted the best trade opportunities for the week, which included going long on the S&P 500 Index, NASDAQ 100 Index, Gold, and Silver. Unfortunately, the overall result was a net loss of 6.24%.
The previous week saw a more hawkish stance on inflation from the US Federal Reserve, leading to a minor boost in the greenback and a decline in commodities like Gold and Silver. The Reserve Bank of New Zealand also made a policy release, keeping its Official Cash Rate at 5.50%.
Key data releases included UK and Canadian CPI, US Revised UoM Consumer Sentiment, UK Retail Sales, and Flash Services/Manufacturing PMI in various countries.
Looking ahead, important releases this week will include US Core CPI Price Index data and US Preliminary GDP data, among others.
In the Forex market, the US Dollar Index showed bullish signs, while the British Pound and Japanese Yen showed relative strength and weakness, respectively.
Trading opportunities this week include going long on the NASDAQ 100 Index, Silver, and the GBP/JPY currency cross.
Overall, it is essential to stay informed about key economic data releases and market trends to make informed trading decisions.