Forex Week in Review- June 11, 2012

Dr. Mike Campbell

All of the major markets ended higher last week, despite concerns about Spain ahead of the weekend’s announcement of a banking sector bailout.

In Europe over the course of the week, the FTSE was up by 3.3%, it closed at 5435.1; the Dax ended the week at 6130.8, climbing by 1.3% over the week; the CAC was up by 3.4% to end the session at 3051.7.

The Dow ended the week higher to the tune of 3.6 % at 12554.2. The Nasdaq composite index ended the week at 2858.4 climbing 4% over the course of the week.

The Nikkei closed up over the course of the week’s trading, making just 0.23% to end the trading session at 8459.3, ending a 9 week decline.

On the currency markets last week, the Euro saw the best of trading – not a return to confidence rather a bounce from a low floor. The Dollar was weaker against Sterling, shedding 0.82% and closing at 1.54316 to the Pound. The Greenback was also weaker against the Euro last week, falling by 1.2% to close at 1.2468. The Dollar made ground against the Japanese currency, closing at 79.3231 to the Yen, a gain of 1.2% on the week.

The Euro strengthened against the Yen ending at 98.90, a gain of 2.8% over the course of the week. The Euro was stronger against Sterling over the course of the week, climbing by 0.37%; the close saw one £ buying 1.2377.

On the commodities market, the price for Brent crude ended higher, closing at $99.47 per barrel (for July delivery); a hike of 1.1% over the course of the week’s trading. The value of gold was lower last week, closing at $1576.5 per ounce, representing a fall of 1.8% over last week’s value.

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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