FOREX June 21st: The Last Week’s Trading Activities In Perspective

By: Dr. Mike Campbell

Another surprising week that saw volatility in the markets, concerns about the future of BP in the light of a $20bn provision for damages stemming from the Gulf of Mexico catastrophe and the usual worries about sovereign debt, has come to an end. In contrast with last week’s report, even the Nikkei closed higher as all the world’s major stock markets managed gains. In Europe over the course of last week the FTSE made 1.7%, closing at 5250.8; the Dax rose by 2.8% ending the week at 6217; the CAC strengthened by 3.7% to end the session at 3687.2.

The Dow ended the week up by 2.4%, finishing the trading session at 10451. The Nasdaq ended the week stronger by 3%; closing at 2309.8.

The Nikkei closed higher by 3% over the course of the week, ending trading at 9995.2.

On the currency markets last week, the Dollar was the loser. The Dollar was lower against Sterling by 1.2% closing at 1.4804 to the Pound. The Greenback was weaker against the Euro dipping by 2%, to close at 1.2372. The Dollar was lower against the Japanese currency at 90.624 to the Yen, a fall of 1.1% on the week.

The Euro rallied by 0.89% against the Yen closing at 112.12. The Euro recovered against Sterling over the week by 0.77%. The close saw one £ buying 1.1966€. 

On the commodities market, the price for Brent crude rose again, closing at $78.8 per barrel (for August delivery); a gain of 6% over the course of the week’s trading. The value of gold strengthened to 1245 per ounce, representing a gain of 2.3% over last week’s value.