Forex Week in Review
Last week marked the end of the month for these summaries. All of the major markets closed higher, partially on the prospects of a US and (eventual) EU interest rate cut. Global trade and the US economy are slowing due to aggressive US trade policies according to the IMF.
In Europe over the course of the week, the FTSE was up on last week’s close by 0.54% at 7549.1, it was essentially unchanged in July down by 0.05%; the Dax ended at 12420, 1.3% up on last week’s close, but down by 1.2% over the month; the CAC was up by 1% to end the session at 5610.1, making a modest 0.29% in July.
The Dow ended the week up by 0.0.14% to close at 27192, ending July 1% higher. The Nasdaq composite index was up by 2.3% over the course of the week at 8330.2, ending the month up by 2.1%
The Nikkei 225 ended the week’s trading up by 0.89% to end the session at 21467, but it weakened by 0.4% in July.
Currency markets review
On the currency markets last week, the Dollar enjoyed the best of the trading. The Dollar was stronger against Sterling last week closing at $1.2385 to the Pound, a gain of 0.89% on the week and 0.94% in July The Greenback was stronger against the Euro last week, rising by 0.89% to close at $1.1121 to the Euro, a rise of 0.82% over the month.
The Dollar strengthened against the Japanese currency closing at 108.7 Yen to the Dollar, making a gain of 0.92% during the week and 0.15% over the month.
The Euro was unchanged against the Yen ending at 120.9, a gain of 0.01% over the course of the week, but a fall of 0.67% in July. It was unchanged against Sterling last week, the close saw one £ buying €1.1136, but a gain of 0.12% on the month.
The Euro now buys 1.105 CHF, a gain of 0.25% on the week, but a weakening of 0.73% in July.
Commodities market review
On the commodities market, the price for Brent crude ended at $63.46 per barrel, a rise of 1.6% over the course of the week’s trading and 9.9% over the month. The value of gold was lower last week closing at $1423 per ounce, a fall of 0.92% over the week, but a gain of 1.8% over the month.