Last week was dominated by anticipation of the ECB’s announcement concerning QE. It will embark on a €1.1 trillion adventure starting in March and running until September 2016, according to plan. Even before a single purchase has been made, markets have reacted well to the news.
In Europe over the course of the week, the FTSE was up by 4.3%, it closed at 6832.8; the Dax ended at 10649.6, up by 4.7% on last week’s close; the CAC was up by 6% to end the session at 4640.7.
The Dow ended the week up by 0.92% to close at 17673. The Nasdaq composite index ended up by 2.7% over the course of the week at 4758.9.
The Nikkei 225 ended the week’s trading up by 3.8% to end the session at 17512.
Currency Markets Review
On the currency markets last week the Dollar enjoyed the best of the trading. The Dollar was stronger against Sterling last week closing at $1.5022 to the Pound, a gain of 0.74%. The Greenback strengthened against the Euro last week by 2.61% to close at $1.1277 to the €. The Dollar was stronger against the Japanese currency, closing at 117.8 Yen to the Dollar, making a gain of 0.29% during the week.
The Euro weakened against the Yen ending at 132.8, a loss of 1.8% over the course of the week. It lost ground against Sterling last week, falling by 1.4%; the close saw one £ buying €1.3321.
The Euro now buys 0.9871 CHF.
Commodities Market Review
On the commodities market, the price for Brent crude ended at $48.8 per barrel (for March delivery), a fall of 2.4% over the course of the week’s trading. The value of gold was higher last week, closing at $1294.8 per ounce, a gain of 1.4%.