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FOREX December 7th: Last Week In Perspective

By: Mike Campbell
Last week saw all of the major stock exchanges making ground, with the Nikkei gaining ground significantly. In Europe, the FTSE put on 1.5% of its value, closing at 5322.7; the CAC was up by a very healthy 3.4%, closing at 3846.6; the Dax closed up by 2.3% at 5817.7.
In the USA, the Dow closed the week up by 0.77%, finishing the trading session at 10388.9. The Nasdaq had a good week, closing up by 2.6% at 2194.4.
The Nikkei reversed the trend of recent weeks by putting on an impressive 10.7% over the course of the week, to close at 10052.3. This strong rally probably reflects market sentiment towards the weakening Yen.
On the currency markets last week, the Dollar was down against the major currencies the Euro and the Pound, but strengthened against the Yen. Against the Euro it fell 1% over the week, closing at 1.5068.  The Greenback was weaker against the British Pound to the tune of 1.5%, closing at 1.6653. The Dollar made ground against the Japanese Yen, appreciating by 2.0% to close at 88.3196 to the Dollar.
The Euro gained 3% against the Yen last week closing at 133.1 but closed lower against Sterling falling by 0.5%. The close saw one £ buying 1.1052€.
On the commodities market, the price for Brent crude oil was largely unchanged against last week’s mark closing at 77.52$ per barrel (for January delivery). The value of gold appreciated yet again, to breach the $1200 mark, closing at 1207.5 $ per ounce putting on a further 2.6% over the previous week’s gains.

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