Last week was saw markets continue to react nervously to the Greek situation, but most of the majors ended higher. Volatility will continue until a new government is elected and has made its decisions clear with respect to austerity accords and its future in the Euro.
In Europe over the course of the week, the FTSE was up by 1.6%, it closed at 5351.5; the Dax ended the week at 6339.9, rising by 1.1% over the week; the CAC was up by 1.3% to end the session at 3047.9.
The Dow ended the week higher to the tune of 0.47 % at 12454.8. The Nasdaq composite index ended the week at 2837.5 making 2.1% over the course of the week.
The Nikkei closed down over the course of the week’s trading, falling 0.36% to end the trading session at 8580.4; it was the only major market to lose ground.
Currency Markets Review
On the currency markets last week, the Dollar saw the best of trading. The Dollar was stronger against Sterling, making 0.9% and closing at 1.56766 to the Pound; it made 3.1% over the month. The Greenback was also stronger against the Euro last week, rising by 1.4% to close at 1.2721; a rise of 4.5% over the course of May. The Dollar made ground against the Japanese currency, closing at 79.5471 to the Yen, a gain of 0.24% on the week, but it weakened by 0.9% over the month.
The Euro weakened against the Yen ending at 99.8, a fall of 1.1% over the course of the week and a decline of 5.3% over the month. The Euro was weaker against Sterling over the course of the week, falling by 0.49%; the close saw one £ buying 1.24953, it lost 1.5% over the month.
Commodities Market Review
On the commodities market, the price for Brent crude ended lower, closing at $106.8 per barrel (for July delivery); a fall of 0.29% over the course of the week’s trading and of 5.6% over the month. The value of gold was lower last week, closing at $1569.5 per ounce, representing a loss of 1.3% over last week’s value; it ends the month down by 4.5%.