Forex Week in Review
The UK will hold a general election on 12th December which may, or may not, resolve Brexit. The Federal Reserve acted to cut the interest rate by 0.25% in a bid to stimulate the US economy as the global economic slowdown continues. A rate cut makes the Dollar less attractive to investors.
In Europe over the course of the week, the FTSE was down on last week’s close by 0.3% at 7302.4; the Dax ended at 12961, up by 0.51% on last week’s close; the CAC was up by 0.69% to end the session at 5761.9.
The Dow ended the week up by 1.4% to close at 27347. The Nasdaq composite index was up by 1.7% over the course of the week at 8386.4.
The Nikkei 225 ended the week’s trading up by 0.22% to end the session at 22851.
Currency markets review
On the currency markets last week, Sterling enjoyed the best of the trading. The Dollar was weaker against Sterling last week closing at $1.2947 to the Pound, a loss of 0.89% on the week. The Greenback was weaker against the Euro last week falling by 0.78% to close at $1.1169 to the Euro.
The Dollar weakened against the Japanese currency closing at 108.2 Yen to the Dollar, making a loss of 0.52% on the week.
The Euro was stronger against the Yen ending at 120.8, a gain of 0.18% over the course of the week. It was weaker against Sterling last week, the close saw one £ buying €1.1592, a loss of 0.11% on the week.
The Euro now buys 1.1007 CHF, a loss of 0.12% on the week.
Commodities market review
On the commodities market, the price for Brent crude ended at $61.69 per barrel, a rise of 8.9% over the course of the week’s trading. The value of gold was higher last week closing at $1511.6 per ounce, a rise of 0.81% over the week.