Forex Week in Review

Week in reviewMarkets are still yet to fully resume from the end of year holiday, so last week was relatively quiet from a trading perspective. The major news of the week broke on Friday when it emerged that the USA had assassinated a prominent Iranian General, Qassem Suleimani, with a drone strike as he visited Iraq. Iran has vowed that it will avenge his death and tensions in the region are high.

This report includes the performances of markets and currencies across the year.

In Europe over the course of the week, the FTSE was down on last week’s close by 0.8229% at 7622.4, it gained 13.5% in 2019; the Dax ended at 13219, down by 0.88% on last week’s close, but it made 26% last year; the CAC was up by 0.11% to end the session at 6044.2, making 29% on the year.

The Dow ended the week flat, down by 0.0% to close at 28635, making 24% in 2019. The Nasdaq composite index was up by 0.16% over the course of the week at 9020.8, it gained 37% over the year.

The Nikkei 225 ended the week’s trading down by 0.76% to end the session at 23657, it gained 19% over the year.

Currency markets review

On the currency markets last week, the Yen enjoyed the best of the trading, probably as a reaction to Friday’s events and its reputation as a safe haven currency. The Dollar was marginally weaker against Sterling last week closing at $1.3093 to the Pound, a loss of 0.03% on the week, but it fell by 3.1% over the course of the year. The Greenback was marginally stronger against the Euro last week rising by 0.02% to close at $1.1172 to the Euro, it rose by 2.4% over the year.

The Dollar was weaker against the Japanese currency closing at 107.9 Yen to the Dollar, making a loss of 1.4% on the week and ending 2019 0.79% weaker.

The Euro was weaker against the Yen ending at 120.6 a loss of 1.5% over the course of the week and 3.1% over the full year. It was marginally weaker against Sterling last week, the close saw one £ buying €1.1720, a loss of 0.05%. Sterling gained 5.6% against the Euro during the year.

The Euro now buys 1.0841 CHF, a loss of 0.42% on the week, but it slipped by 3.3% over the year.

Commodities market review

On the commodities market, the price for Brent crude ended at $68.7 per barrel, a rise of 0.79% over the course of the week’s trading (but a spike of 4% on Friday after the US attack) and 28% in 2019. The value of gold was higher last week closing at $1551.7 per ounce, a rise of 2.8% over the week and 18% over the year.

Dr. Mike Campbell
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.