Forex Week in Review

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Forex Week in Review

UK politics descends further into crisis with a Scottish court declaring prorogation unlawful and other courts deciding it is not justiciable; the matter goes to the Supreme Court this week for a final decision, but parliament remains adjourned for the moment. Sterling continues its mini rally, but investors are working more on hunches than information, from the fundamental analysis perspective.

The markets all had a positive week, again.

In Europe over the course of the week, the FTSE was up on last week’s close by 1.2% at 7367.5; the Dax ended at 12469, 2.3% up on last week’s close; the CAC was up by 0.92% to end the session at 5655.5.

The Dow ended the week up by 1.6% to close at 27220. The Nasdaq composite index was up by 0.91% over the course of the week at 8176.7.

The Nikkei 225 ended the week’s trading up by 3.7% to end the session at 21988.

Currency markets review

On the currency markets last week, Sterling again enjoyed the best of the trading. The Dollar was weaker against Sterling last week closing at $1.2460 to the Pound, a fall of 1.3% on the week. The Greenback was weaker against the Euro last week falling by 0.27% to close at $1.1074 to the Euro.

The Dollar strengthened against the Japanese currency closing at 108.1 Yen to the Dollar, making a gain of 1.2% on the week.

The Euro was higher against the Yen ending at 119.7, a gain of 1.8% over the course of the week. It was weaker against Sterling last week, the close saw one £ buying €1.1252, a loss of 1% on the week.

The Euro now buys 1.0962 CHF, a gain of 0.60% on the week.

Commodities market review

On the commodities market, the price for Brent crude ended at $60.22 per barrel, a fall of 2.1% over the course of the week’s trading, however geopolitical tensions since Friday’s close have sent it soaring. The value of gold was lower last week closing at $1490.9 per ounce, a fall of 1% over the week, but developments in Saudi Arabia over an attack on an oil facility are likely to see it strengthen should tensions remain.

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.