Last week was almost a repeat performance of the week before for the major stock exchanges, with American markets continuing to fall from recent highs as Dollar strength worries gain impetus, Japan and Eurozone markets adding value and the FTSE dipping.
In Europe over the course of the week, the FTSE was down by 2.5%, it closed at 6740.6; the Dax ended at 11902, up by 3% on last week’s close; the CAC was up by 0.93% to end the session at 5010.5 – breaking through the 5000 points barrier for those who believe such things to be important.
The Dow ended the week down by 0.6% to close at 17749. The Nasdaq composite index ended down by 1.1% over the course of the week at 4871.8.
The Nikkei 225 ended the week’s trading up by 1.5% to end the session at 18971, a fresh 15 year-high.
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 $1.4752 to the Pound, a gain of 2.1%. The Greenback strengthened against the Euro last week by 3.11% to close at $1.0522 to the €. The Dollar was stronger against the Japanese currency, closing at 121.2 Yen to the Dollar, making a gain of 0.21% during the week.
The Euro weakened against the Yen ending at 127.5, a loss of 2.9% over the course of the week. It lost ground against Sterling last week, falling by 1.1%; the close saw one £ buying €1.4021.
The Euro now buys 1.0575 CHF, a loss of 1% on the week, but a smaller dip than it experienced against other majors.
The Euro is at a twelve-year low against the US Dollar and a seven-year low against Sterling. Eurozone exports are becoming increasingly cheap in importing markets such as China (were the Yuan is effectively pegged against the Dollar), Japan and Britain.
Commodities market review
On the commodities market, the price for Brent crude ended at $54.7 per barrel, a fall of 8.5% over the course of the week’s trading. The value of gold was lower last week, closing at $1152 per ounce, a fall of 2.2% on the week.