FOREX December 21st: Last Week In Perspective

Last week was another fairly mixed affair for the major stock exchanges with no very dramatic movement in either direction. In Europe, the FTSE lost 1.2% of its value, closing at 5196.8; the CAC was unchanged over the previous week’s close, it lost one point to close at 3794.4; the Dax closed up by 1.3% at 5831.21.

In the USA, the Dow closed the week down by nearly 1.4%, finishing the trading session at 10328.9. The Nasdaq outshone its illustrious neighbour by putting on nearly 1% last week, closing at 2211.7.

The Nikkei consolidated the recent gains, putting on a further 0.34% to close at 10142.1.

On the currency markets last week, the Dollar had a very good week and regained significant strength against all the major currencies. Against the Euro it rose a further 2.9% over the week, closing at 1.4337. The Greenback was stronger against the British Pound to a lesser, but significant extent, gaining 0.9% and closing at 1.6164. The Dollar was stronger against the Japanese Yen, appreciating by a very healthy 1.8% to close at 90.4513 to the Dollar.

The Euro had a poor week and fell by 1.1% against the Yen last week closing at 129.68. It also took quite a tumble against Sterling, shedding almost 2.1%. The close saw one £ buying 1.1274€.

On the commodities market, the price for Brent crude oil was significantly higher against last week’s mark closing at 73.75$ per barrel (for February delivery), despite a stronger performance from the Dollar. The price of Brent crude rose by2.6% over last week’s mark. The value of gold has continued to retreat, closing at 1104 $ per ounce and has dropped a further 1.8% over the previous week’s close.