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Forex Week in Review - 19 January 2015

Last week was dominated by the shock decision of the Swiss National Bank to end its Euro peg; a move that saw the currency soar against all the majors and generate turmoil on world markets. The Swiss Market Index gave up 12% of its value in the aftermath of the decision. The major indices were, surprisingly, mixed at the end of last week’s trading.

In Europe over the course of the week, the FTSE was up by 0.76%, it closed at 6550.3; the Dax ended at 10167.8, up by 5.4% on last week’s close; the CAC was up by 4.8% to end the session at 4379.6.

The Dow ended the week down by 1.3% to close at 17512. The Nasdaq composite index ended down by 1.48% over the course of the week at 4634.4.

The Nikkei 225 ended the week’s trading down by 1.9% to end the session at 16864.

Currency Markets Review

On the currency markets last week the Yen enjoyed the best of the trading (well, if we forget the Swiss Franc!). The Dollar was stronger against Sterling last week closing at $1.5135 to the Pound, a gain of 0.1%. The Greenback strengthened against the Euro last week by 2.6% to close at $1.1522 to the €. The Dollar was weaker against the Japanese currency, closing at 117.4 Yen to the Dollar, making a loss of 0.96% during the week.

The Euro weakened against the Yen ending at 135.3, a loss of 3.6% over the course of the week. It lost ground against Sterling last week, falling by 2.6%; the close saw one £ buying €1.3136. The weakness of the Euro is widespread on predictions that the ECB will announce major QE activities next week (22/1).

Commodities Market Review

On the commodities market, the price for Brent crude ended at $50 per barrel (for March delivery), a fall of 0.1% over the course of the week’s trading. The value of gold was higher last week, closing at $1277.5 per ounce, a gain of 4.9%.

Dr. Mike Campbell
About Dr. Mike Campbell
Dr. Mike Campbell is a British scientist and freelance writer. Mike got his doctorate in Ghent, Belgium and has worked in Belgium, France, Monaco and Austria since leaving the UK. As a writer, he specialises in business, science, medicine and environmental subjects.

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