Home Blog Market Analysis Weekly Market Analysis / 25 July- 29 July 2022

Weekly Market Analysis / 25 July- 29 July 2022

by Buse Kozok
Weekly Market Analysis /  25 July- 29  July 2022

Last week, the European Central Bank (ECB) interest rate decision in the Euro Zone and the US Sectoral PMI indices statements came to the fore in global markets. The European Central Bank (ECB) increased short-term interest rates by 50 basis points, above market expectations. In the text of the decision, it was stated that interest rate decisions will be taken from meeting to meeting and it was stated that the future policy rate path will depend on the data and will be adjusted according to the 2% medium-term inflation target. While the Transfer Assurance Instrument was also approved, it was stated that its size would be determined according to the risks to be encountered during the monetary policy transition period. While EURUSD gained value after the ECB's interest rate decision, the obstacle to further appreciation of EURUSD was the situation created by the negative impact of the political troubles in Italy. US stock markets continued to rise as the announced profits came in better than expected. Applications for unemployment benefits in the USA increased by 251,000 in the week ending July 16, above expectations. An ounce of gold continued its selling trend since May 9 and moved in the price range of $1,682-$1,739 last week. It closed the week with $1,727.

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