Forex Week in Review - 20 June 2016

Last week saw all the major markets losing ground again mainly on worries over the fallout from a potential “Brexit”. It is a remarkable testament to the pan-global talents of the “scaremongers” in the UK Remain campaign, of course that they could manipulate the major markets lower (and I really was behind Elvis Presley in the queue at my local supermarket…).

In Europe over the course of the week, the FTSE was down by 1.5%, it closed at 6021.9; the Dax ended at 9631.4, down by 2.1% on last week’s close; the CAC was down by 2.6% to end the session at 4193.8.

The Dow ended the week down by 1.1% to close at 17675. The Nasdaq composite index ended down by 1.9% over the course of the week at 4800.3.

The Nikkei 225 ended the week’s trading down by 6% to end the session at 15600.

Currency markets review

On the currency markets last week the Yen enjoyed the best of the trading owing to its safe haven reputation and worries over Brexit flamed by opinion polls showing a lead for Leave. The Dollar was stronger against Sterling last week closing at $1.4282 to the Pound, a gain of 0.43% on the week. The Greenback strengthened against the Euro last week by 0.24% to close at $1.1253 to the €. The Dollar was weaker against the Japanese currency, closing at 104.2 Yen to the Dollar, making a loss of 2.7% during the week.

The Euro was weaker against the Yen ending at 117.3, a loss of 2.9% over the course of the week. It made ground against Sterling last week, rising by 0.2%; the close saw one £ buying €1.2692.

The Euro now buys 1.1082 CHF, a loss of 0.05% on the week.

Commodities market review

On the commodities market, the price for Brent crude ended at $49.17 per barrel, a fall of 2.7% over the course of the week’s trading. The value of gold was higher last week, closing at $1300.1 per ounce, a gain of 1.9% on the week.

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.