Are you considering what to trade this week (April 3 – 7)? From oil prices to interest rates and tech stocks, this week is set to be an eventful one for the markets. Read on to find out which investments could be right for you.
March was a volatile month for the stock market, with fluctuations that brought the 2008 financial crisis to mind. Despite this, both US and global indices ended up in the positive territory, with the S&P 500 concluding the quarter with a decent profit, giving investors a reason to be happy.
This week is shaping up to be just as eventful for the markets. On Tuesday, the Australian central bank will announce its decision on whether or not to increase interest rates. The US ADP Nonfarm Employment Change for March will be announced the next day, with the results of the US non-farm payroll for March to follow on Friday, April 7th.
What To Trade This Week? (April 3 – 7)
If you’re on the lookout for trading opportunities, here are our top three picks for the week:
USOIL
Oil prices increased after the Gulf States announced a reduced production of one million barrels daily. WTI crude oil futures reached $81.7 a barrel on Monday, the highest level since January. This makes it harder to predict inflation and interest rates. Investors are also monitoring the situation with the Kurdish authorities, which has intensified recently. However, many remain optimistic about China’s economic recovery, which could help make up for slower growth in other parts of the world.
AUDUSD
On Monday, April 3, the Australian dollar declined to below $0.67 due to rising dollar prices. Surprise production cuts by OPEC+ fueled fears that the US Federal Reserve might have to raise interest rates further to keep inflation under control.
The Reserve Bank of Australia will decide whether to increase interest rates on Tuesday. Some investors expect the bank to halt the rate hike cycle. Others anticipate another 25 basis point increase to 3.85%. Although inflation in Australia has hit a 30-year high of 7.8%, the central bank may still end the current tightening cycle.
Alphabet
Alphabet’s stock price has jumped by almost 20% from its recent low, and its valuation is approaching an all-time high. Some investors are worried that ChatGPT and Microsoft’s integration of chatbots with Bing will give them competition, but these worries don’t seem to be based on anything right now. Alphabet will likely stay on the cutting edge of AI development, and quantum computing is a promising area. If the Nasdaq starts to rise again, Alphabet stands to gain significantly.
And don’t forget that SimpleFX lets you trade more than 270 financial instruments, such as forex, cryptocurrencies, stocks, commodities, and precious metals. Head over to the platform now to explore more market opportunities.
