FOREX June 14th: The Last Week’s Trading Activities In Perspective

By: Dr. Mike Campbell

Last week was again seemingly a turbulent affair (particularly if you have shares in BP) and the sovereign debt crisis seems set to run and run. Doubts are shortly going to be ignited in the world’s second largest economy on Japan’s own debt problems (see tomorrow’s article). However, against this backdrop all the markets (save the Nikkei) closed higher – as the Americans would say “go figure”. In Europe over the course of last week the FTSE made 0.74%, closing at 5163.7; the Dax rose by 1.8% ending the week at 6047.8; the CAC strengthened by 2.9% to end the session at 3555.5.

The Dow ended the week up by 2.8%, finishing the trading session at 10211. The Nasdaq ended the week stronger by 1.1%; closing at 2243.7.

The Nikkei was the only major market to close lower, dropping 2% over the course of the week, ending trading at 9705.3.

On the currency markets last week, the Yen was the winner, paradoxically. The Dollar was lower against Sterling by 0.33% closing at 1.4623 to the Pound. The Greenback was weaker against the Euro dipping by 0.56%, to close at 1.213. The Dollar was lower against the Japanese currency at 91.6385 to the Yen, a gain of 1.1% on the week.

The Euro fell by 0.54% against the Yen closing at 111.1. The Euro recovered a little against Sterling over the week by 0.22%. The close saw one £ buying 1.2058€.

On the commodities market, the price for Brent crude rose, closing at $74.35 per barrel (for July delivery); a gain of 2.3% over the course of the week’s trading. The value of gold strengthened to 1217.8$ per ounce, representing a gain of 1.1% over last week’s value.