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8 July 2024 | FXGT.com

Weekly Market Recap – Third Quarter Kicks Off with New Highs

  • Third Quarter Kicks Off with New Highs: The NASDAQ 100 and S&P 500 hit new highs, gaining 3.2% and 1.6%, while the Dow rose 0.4%. Markets reacted to expectations of lower interest rates. Economic data showed a softening labour market, with the ADP report indicating fewer hires and higher jobless claims, alongside a decline in ISM Services PMI falling to 48.8, indicating reduced economic activity.
  •  US Dollar Hits Three-Week Low: The FOMC minutes highlighted economic and labour market concerns, raising expectations for a dovish Fed stance and potential rate cuts, pushing the US dollar to a three-week low. The US added 206,000 jobs in June, slightly above forecasts but below May’s revised 218,000. However, the unemployment rate rose to 4.1%, the highest since late 2021.
  • UK Election Results: Labour, led by Keir Starmer, won a landslide victory in the 2024 general election with over 400 seats, marking their largest victory since 1997. Despite this significant political shift, the market impact is expected to be limited due to constrained fiscal policy, with more attention on broader economic and Bank of England policy actions.
  • Oil Rally Continues: Oil prices gained for the fourth consecutive week, reaching their highest level in over two months, with U.S. crude ending the week above $83 per barrel. This increase was driven by a weekly report indicating a drop in U.S. oil inventories, supporting analysts’ predictions of tight supplies for the summer.
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