Weekly Market Recap – August 10th, 2018

In the Markets

The Turkish lira plunged last week amidst rising inflation and tensions driven by rising global interest rates. The lira fell to record lows as the nation sits on the precipice of financial crisis. The lira freefall led to ripple effects across a variety of markets, including the euro, which neared a year low verses the USD.

Inversely, the USD continued to show strength this week. Dollar Index futures approached highs since June 2017 as contracts broke consensus technical resistance as it breached the 96 level. The USD may maintain this strength as interest rates are projected to continue to rise, and the euro faces further weakness as the Turkish lira fallout continues to unfold.

U.S. equity markets showed diverse reactions, as the Dow Jones Industrial Average dropped 0.6%, and the S&P 500 fell 0.2%, while the NASDAQ climbed 0.3% and the Russell 2000 rose 0.8%.

Oil futures continued their downward trend, as Brent Crude fell 0.56%, and WTI Crude futures reached $67.3/bbl, down 1.26% on the week.

The August World Agricultural Supply and Demand Estimates were published this week by the USDA, revealing bearish indicators for grains due to ample production and trade issues surrounding markets. Soybeans, corn, and wheat all fell in response to the news, down 4.49%, 3.25%, and 1.17% respectively.

World Cup Trading Championships

Jan Smolen continued to hold the top spot this week, climbing 12% on the week to finish with a net return of 141% on the year. Paul Skarp, who had sat in 4th place since July 20th, reclaimed 2nd to close last week, ending with a net return of 91% on August 10th. Third and fourth place were held by Kurt Sakaeda and Carlos Eisenberg, with the two separated by just over 1%, with Sakaeda at 90.8%, and Eisenberg at 89.3%.

The week began with the top 5 rounded out by Fabien Fischer, but 5th place was clinched by a newcomer to the leaderboard to close the week, as Adrian Koemel joined the WCTC leaders for the first time this year, closing the week with a net return of 51.5%.

Trading futures and forex involves significant risk of loss and is not suitable for everyone. Past performance is not necessarily indicative of future results. World Cup Championship (WCC ) accounts do not necessarily represent all the trading accounts controlled by a given competitor. WCC competitors may control accounts that produce results substantially different than the results achieved in their WCC accounts. WCC entrants may trade more than one account in the competition.