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2 April 2024 | FXGT.com

Weekly Market Recap – First Quarter Finale

  • First Quarter Finale: U.S. Stock Indices concluded an impressive first quarter on a high note, marking a remarkable fifth consecutive month of gains. Since the start of 2024, the S&P 500 has increased by 10.2%, the NASDAQ by 9.1%, and the Dow by 5.6%, highlighting a widespread market rally.
  • Inflation and Federal Reserve’s Reaction: The core PCE price index, a key inflation metric closely monitored by the Federal Reserve, indicated a slowdown in February compared to the previous month. Federal Reserve Chairman Jerome Powell, speaking at a conference organized by the San Francisco Fed, welcomed the data, noting it aligned with expectations.
  • Commodities Gain: WTI crude futures saw a significant rise last week, increasing 2.80% to $83.17 per barrel, marking the third consecutive month of gains. Meanwhile, gold prices soared to record highs, advancing by 3.18% to remain above $2,230 per ounce. Throughout the first quarter of the year, gold and crude oil have seen impressive gains of 8.40% and 17.55% respectively, indicating a strong quarter for commodities.
  • Yen’s Decline: The Japanese yen depreciated to its weakest position against the US dollar since 1990. With Japan under pressure from rising domestic inflation, the decline has ignited discussions on possible interventions by Japan’s monetary authorities to stabilize the currency.
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