Forex Week in Review
Sterling has staged a mini rally against the other major currencies. There is no fundamental reason for this other than the increasing political (opposition) talk of finding ways to prevent a “no deal” Brexit.
All the major stock markets again closed lower because of increasing concerns about slowing of the global economy.
In Europe over the course of the week, the FTSE was down on last week’s close by 1.9% at 7117.2; the Dax ended at 11563, 1.1% down on last week’s close; the CAC was down by 0.51% to end the session at 5300.8.
The Dow ended the week down by 1.5% to close at 25886. The Nasdaq composite index was down by 0.79% over the course of the week at 7896.
The Nikkei 225 ended the week’s trading down by 1.9% to end the session at 20685.
Currency markets review
On the currency markets last week, the Pound enjoyed the best of the trading. The Dollar was weaker against Sterling last week closing at $1.2154 to the Pound, a loss of 0.63% on the week. The Greenback was stronger against the Euro last week rising by 1.1% to close at $1.1090 to the Euro.
The Dollar strengthened against the Japanese currency closing at 106.4 Yen to the Dollar, making a gain of 0.88%.
The Euro was lower against the Yen ending at 118, a loss of 0.27% over the course of the week. It was weaker against Sterling last week, the close saw one £ buying €1.0959, a loss of 1.8% on the week. Euro suffered because of fears of a recession in Germany.
The Euro now buys 1.0870 CHF, a loss of 0.25% on the week.
Commodities market review
On the commodities market, the price for Brent crude ended at $58.64 per barrel, a rise of 0.19% over the course of the week’s trading. The value of gold was higher last week closing at $1512.5 per ounce, a rise of 2.2% over the week.