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Markets Week Ahead: Nasdaq 100, Hang Seng Index, US Dollar, British Pound, Powell, UK CPI

Markets Week Ahead: Nasdaq 100, Hang Seng Index, US Dollar, British Pound, Powell, UK CPI

Daniel Dubrovsky, Contributing Senior Strategist
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Global market sentiment roared higher this past week, particularly led by the technology sector. On Wall Street, futures tracking the Nasdaq 100, S&P 500 and Dow Jones gained 8.5%, 6.36% and 5.59% respectively. For the Nasdaq, it was the best performance since November 2020. In Europe, the DAX 40 and FTSE 100 gained 5.76% and 3.48% respectively.

Some of the strongest gains though were seen in the Asia-Pacific region. After falling over 10% to start the last few days of the previous week, the Hang Seng Index climbed 16% from the lows. The Hang Seng Tech Index gained almost 30%. This followed China announcing pledges to support overseas stock listing to keep capital markets stable.

Emerging Markets also soared, with the MSCI Emerging Markets Index gaining 6.55%. That was also the best weekly performance since November 2020. These moves in global markets come despite the Federal Reserve beginning its tightening cycle, raising rates for the first time since 2018. Granted, the central bank’s projections for hikes seemed to match 2022 expectations.

Even though the central bank is expected to begin unwinding its balance sheet soon, weekly holdings swelled the most since January in the same week that equity markets soared. The Fed’s balance sheet topped USD 9 trillion as purchases of Mortgage-Backed Securities rose over USD 38 billion. Seemingly deescalating tensions around Ukraine may have also played a key role.

The week ahead is notably down on economic event risk. Top-tier items on the docket include a slew of Fedspeak that the US Dollar and gold will be closely eyeing. This includes commentary from Chair Jerome Powell. The British Pound is eyeing United Kingdom CPI data. China will be releasing the latest loan prime rates for March. What else is in store for markets ahead?

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Fundamental Forecasts:

Australian Dollar Boosted by Strong Jobs Report, China Pledge to Support Economy

The Australian Dollar rebounded sharply last week after Chinese authorities’ pledge to support the economy boosted market sentiment. A robust Australian jobs report also lifted the commodity currency.

Crude Oil Forecast: Headlines Hit Prices but Oil is Structurally Underpinned For Now

Crude oil recovered ground going into the weekend as supply concerns re-emerge and the war goes on. Have markets seen a base for WTI?

Sterling (GBP) Fundamental Forecast: Inflation vs Fiscal Prudence

Inflation data next week is expected to beat estimates again and UK finance minister Sunak contemplates billions more in spending to ease the cost-of-living squeeze

US Dollar Outlook – Dancing to The Fed’s New Soundtrack

The era of cheap money in the US is over after the Fed kickstarted its widely anticipated monetary tightening program by raising interest rates by 25bps this week. And there’s a lot more to come.

Gold Price Forecast: Road Ahead Remains Tough Absent Ukraine Tensions, Eyes on Powell

The road ahead for gold prices remains tough absent escalating Ukraine tensions due to a rising interest environment. All eyes are on a slew of Fedspeak that includes Chair Jerome Powell.

S&P 500 Forecast: Post-Fed Rally Leads to Break of Monthly Opening Range

The improvement in risk appetite may keep the S&P 500 index afloat over the coming days as the Federal Reserve appears to be in no rush to winddown its balance sheet.

Technical Forecasts:

US Dollar Technical Forecast: DXY, EUR/USD Chart Setups

The US Dollar DXY index and EUR/USD managed to reverse multi-week trends last week, but those prevailing moves may resume. Here are chart levels and patterns to watch this week.

British Pound (GBP) Forecast: Cable Testing Key Levels Ahead of UK CPI

GBP/USD remains gripped by the recent downtrend but bulls remain hopeful that this week’s rally can propel the pair through stubborn resistance.

Gold Technical Forecast: Gold Bulls Probe for a Low- XAU/USD Levels

Gold snapped a six-week winning streak on a stretch towards the record highs with XAU/USD clinging to trend support. Technical levels that matter on the weekly chart.

Bitcoin Technical Forecast: BTC/USD Rises as $40,000 Remains Key

Bitcoin prices end the week in the green after breaking above the critical $40,000 handle. Key technical levels for the week ahead as Russia Ukraine conflict persists.

S&P 500, Nasdaq 100, Dow Jones Forecast for the Days Ahead

Last week stocks rallied strongly on an abating fear factor; a pair of 200-day moving averages look set to become focal points in the days ahead.

Canadian Dollar Forecast: USD/CAD Support Breakout Eyed, 2022 Lows in Play

USD/CAD has trended lower in recent days and now sits above confluence support near the 1.2600/1.2580 area. If this floor is breached on the downside, a retest of the 2022 lows seems likely.

Crude Oil Technical Forecast: Buoys Back Above 100, But Has Oil Topped?

Crude oil continued to fall in the early portion of the week, piercing the 100 level temporarily before buyers made a pronounced re-entry into the situation.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.