Forex Week in Review
The runes have it that the Supreme Court is likely to find against the UK government, but pundits are divided about what would happen next.
The markets had a mixed week with US markets lower following a Fed rate cut, early days, perhaps since this ought to boost the economy and hence the markets.
In Europe over the course of the week, the FTSE was down on last week’s close by 0.31% at 7344.9; the Dax ended at 12468, fractionally down by 0.01% on last week’s close; the CAC was up by 0.62% to end the session at 5690.8.
The Dow ended the week down by 1.1% to close at 26935. The Nasdaq composite index was down by 0.72% over the course of the week at 8117.7.
The Nikkei 225 ended the week’s trading up by 0.41% to end the session at 22079.
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 $1.2488 to the Pound, a fall of 0.23% on the week. The Greenback was stronger against the Euro last week rising by 0.64% to close at $1.1003 to the Euro.
The Dollar weakened against the Japanese currency closing at 108 Yen to the Dollar, making a loss of 0.14% on the week.
The Euro was essentially unchanged against the Yen ending at 119.8, a gain of 0.04% over the course of the week. It was weaker against Sterling last week, the close saw one £ buying €1.1350, a loss of 0.87% on the week.
The Euro now buys 1.0926 CHF, a loss of 0.33% on the week.
Commodities market review
On the commodities market, the price for Brent crude ended at $64.28 per barrel, a rise of 6.7% over the course of the week’s trading. The value of gold was higher last week closing at $1503 per ounce, a rise of 0.81% over the week.