Will we see more gains for US equities?

GKFX Team  |  February / 4. Week
Markets have yet again had a mixed week with US equities rallying to help the Dow post 10 consecutive record closes for the first time in 31 years. This all comes in what has been a particularly quiet week for President Trump and his administration. The moves have come on equity markets and Gold in a week that started with a holiday and ended with the end of a record-breaking winning strength.

Next week the focus is likely to be on the economic calendar as US GDP gets set to headline the week, a topic that President Trump will no doubt have an opinion on when he makes a speech on the same day. The GDP reading as ever will be important, but it will be the implications on the Fed and potential rate hikes that will be the major focus.
A better than expected reading could well make the already hawkish Fed look to push forward their expected rate hike, and could see probabilities move above 30% in March for the first time, however, the safe money still lies with May or June for the Fed’s first move.

OPEC talk Pushes Oil Higher

The continued talk around the potential of more cuts by OPEC member countries is also helping to push prices higher. A report in the last couple of weeks has shown how since the deal on oil output was reached by both OPEC and Non-OPEC member countries have stuck to the plan with a take-up rate of over 94%.

The outlook on oil has been seen as the subject of much deliberation with many expecting the continued solid take-up of the OPEC deal to lead to further production cuts. Expectations are for the WTI oil price to break above the 2-year highs at 55.20 and could hit $70 by the end of the year.
 

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