{"id":39103,"date":"2023-10-23T12:11:43","date_gmt":"2023-10-23T12:11:43","guid":{"rendered":"https:\/\/fxglobe.wpenginepowered.com\/?p=39103"},"modified":"2026-03-17T14:51:29","modified_gmt":"2026-03-17T14:51:29","slug":"weekly-market-review-week-of-october-16-27","status":"publish","type":"post","link":"https:\/\/www.fxglobe.com\/ms\/weekly-market-review-week-of-october-16-27\/","title":{"rendered":"Weekly Market Review: Week of October 16-27"},"content":{"rendered":"\n

Last Week’s Economic Highlights<\/h2>\n\n\n\n

U.S. Data Discrepancies<\/h3>\n\n\n\n

One of the major highlights from last week was the Empire State Manufacturing Index<\/strong>, which came in at a disappointing -4.6, although it was better than the forecasted -6.4. This paints a less-than-rosy picture for the manufacturing sector in the New York region, suggesting that traders should tread carefully.<\/p>\n\n\n\n

New Zealand CPI Misses the Mark<\/h3>\n\n\n\n

The New Zealand Consumer Price Index (CPI)<\/strong> for the last quarter was also noteworthy. While it increased to 1.8%, it fell slightly short of the 1.9% forecast, signaling that inflationary pressures are still a concern but not as intense as anticipated.<\/p>\n\n\n\n

Retail Sales Surprise<\/h3>\n\n\n\n

In contrast, U.S. Retail Sales<\/strong> exceeded expectations, rising by 0.7% compared to the forecast of 0.3%. This suggests that consumer spending, a crucial component of economic growth<\/a>, remains robust.<\/p>\n\n\n\n

Unemployment Trends<\/h3>\n\n\n\n

U.S. Unemployment Claims<\/strong> dipped to 198K, beating the forecast of 210K. This could be indicative of a stronger job market and could have implications for future monetary policy.<\/p>\n\n\n\n

Market Trends<\/h2>\n\n\n\n

Currencies & Commodities<\/h3>\n\n\n\n

In the forex market, EURUSD is looking like it may break higher. Gold<\/strong>, in particular, has been the market’s shining star, suggesting investor preference for safe havens.<\/p>\n\n\n\n

Cr<\/strong>ypto & Oil<\/strong><\/h3>\n\n\n\n

Cryptocurrencies<\/strong> and Crude Oils<\/strong> are also displaying bullish tendencies, suggesting that traders are looking for higher yields despite higher risks.<\/p>\n\n\n\n

Equities and Indices<\/h3>\n\n\n\n

On the downside, Equities and Global Indices<\/strong> ended the week with strong bearish signals<\/a> right at major support levels. This could hint at significant selling pressure in the coming week.<\/p>\n\n\n\n

What to Watch in the Week Ahead<\/h2>\n\n\n\n

British Economic Indicators<\/h3>\n\n\n\n

Claimant Count Change data from the UK will be a focal point. Any significant deviations could impact the Pound and UK equities<\/a>.<\/p>\n\n\n\n

PMI Data<\/h3>\n\n\n\n

Various Purchasing Managers’ Index (PMI)<\/strong> data from both the Eurozone and the U.S. will be released. These are key indicators of economic health.<\/p>\n\n\n\n

Federal Reserve Speeches<\/h3>\n\n\n\n

Fed Chair Powell<\/strong> will be speaking twice this week. His comments could have far-reaching impacts on the U.S. Dollar and equities.<\/p>\n\n\n\n

Core PCE Price Index<\/h3>\n\n\n\n

On Friday, the U.S. Core PCE Price Index<\/strong> will be released, with a month-on-month expected growth rate of 0.3%. This is another key indicator of inflation and can influence the Fed\u2019s monetary policy.<\/p>\n\n\n\n

Looking at the charts, we see EURUSD printing a very bullish weekly candle, showing the EUR\u2019s intention to push higher. How much higher is still to be seen.<\/p>\n\n\n\n

\"FXGlobe<\/figure>\n\n\n\n

The gold chart<\/a> shows nothing but bullish price action. However, the price must surely retrace during the week before pushing higher. Is 2,000 the next major target?<\/p>\n\n\n\n

\"FXGlobe<\/figure>\n\n\n\n

Now, to the Global Indices:<\/p>\n\n\n\n

The SP500 very large, bearish candle, selling until the close- next week it will be important to watch how the next candle unfolds!<\/p>\n\n\n\n

\"FXGlobe<\/figure>\n\n\n\n

UT100 tech stocks have also produced a heavy selling candle, so the pressure is clearly to the downside.<\/p>\n\n\n\n

\"FXGlobe<\/figure>\n\n\n\n

US30 has a bearish engulfing, tight close. The bears are really putting the pressure on!<\/p>\n\n\n\n

\"FXGlobe<\/figure>\n\n\n\n

Keep your eyes peeled and your strategies flexible to navigate through these potentially market-moving events. Good luck and happy trading!<\/p>\n","protected":false},"excerpt":{"rendered":"

Last Week’s Economic Highlights U.S. Data Discrepancies One of the major highlights from last week was the Empire State Manufacturing Index, which came in at a disappointing -4.6, although it was better than the forecasted -6.4. This paints a less-than-rosy picture for the manufacturing sector in the New York region, suggesting that traders should tread […]<\/p>\n","protected":false},"author":13,"featured_media":44304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[8],"tags":[],"class_list":["post-39103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-8"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/posts\/39103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/comments?post=39103"}],"version-history":[{"count":0,"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/posts\/39103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/media\/44304"}],"wp:attachment":[{"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/media?parent=39103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/categories?post=39103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fxglobe.com\/ms\/wp-json\/wp\/v2\/tags?post=39103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}