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FOREX: Last Week In Perspective

By: Mike Campbell
Last week was a second straight good one for the world’s major stock markets with all indices gaining ground over the course of the week, except for the Nikkei. In Europe, the FTSE put on almost 3% of its value, closing at 296.4; the CAC was up by 2.66%, closing at 3806.0; the Dax closed up by 3.6% at 5686.8.

In the USA, the Dow closed the week higher by a respectable 2.5%, finishing the trading session at 10270.5. The Nasdaq also made similar gains over the course of the week, closing up by 2.6% at 2167.9

For the second straight week, the Nikkei bucked the trend and lost 0.2% of its value to close at 9770.3.

On the currency markets last week, the Dollar was mixed against the major currencies. Against the Euro it was essentially flat, falling by 0.04% over the week, closing at 1.4868. The Greenback was weaker against the British Pound to the tune of 0.57%, closing at 1.6682. The Dollar lost ground against the Japanese Yen, losing almost 1% to close at 89.7969 to the Dollar.

The Euro also lost 1% against the Yen last week closing at 133.51. The Euro was lower against Sterling dropping by 0.5%. The close saw one £ buying 1.1220€.

On the commodities market, the price for Brent crude oil was marginally weaker against last week’s mark. Brent crude dipped by 0.4% over the course of the week, closing at 75.55$ per barrel (for December delivery). The value of gold appreciated again closing at 1104 $ per ounce equating to a hike of 1.3% over the previous week’s strong gains. Some analysts have predicted it will breach the $1200 mark by the turn of the year.