Markets ended the first week of 2013 in bullish mood, following on from the US leadership’s avoidance of the dreaded fiscal cliff. All of the major markets ended the week higher.
In Europe over the course of the week, the FTSE was up by 2.8%, it closed at 6089.8; the Dax ended at 7776.4, rising by 2.2% over the course of the week; the CAC was up by 3% to end the session at 3730.
The Dow ended the week stronger to the tune of 3.8% at 13435.2. The Nasdaq composite index ended at 3101.7, making 4.8% over the course of the week.
The Nikkei 225 ended the week’s trading higher, gaining 2.8% to end the session at 10688.1.
Currency Markets Review
On the currency markets last week, the Dollar saw the best of trading. The Dollar was up against Sterling last week closing at 1.60425 to the Pound, a rise of 0.71. The Greenback strengthened against the Euro last week, rising 1.3% to close at 1.30523. The Dollar made ground against the Japanese currency, closing at 88.14 to the Yen, a gain of 2.4% on the week.
The Euro strengthened against the Yen ending at 115.05, a gain of 0.57% over the course of the week. The Euro fell against Sterling last week by 0.57%; the close saw one £ buying €1.22909.
Commodities Market Review
On the commodities market, the price for Brent crude ended higher, closing at $111.3 per barrel (for February delivery); a rise of 0.62% over the course of the week’s trading. The value of gold was lower last week, closing at $1648 per ounce, representing a fall of 0.57% over last week’s value.