Last week saw the financial world in uncharted waters with the sovereign default of Greece and a referendum to be held which external observes say will decide the fate of the nation (and its government) within the Eurozone. Major markets were pretty sanguine about it all, but experienced losses across the board with Eurozone exchanges hardest hit.
In Europe over the course of the week, the FTSE was down by 2.5%, it closed at 6585.8; the Dax ended at 11058, down by 3.8% on last week’s close; the CAC was down by 5% to end the session at 4808.2.
The Dow ended the week down by 1.2% to close at 17730. The Nasdaq composite index ended down by 1.4% over the course of the week at 5009.2.
The Nikkei 225 ended the week’s trading down by 0.8% to end the session at 20540.
Currency Markets Review
On the currency markets last week the Yen enjoyed the best of the trading. The Dollar was stronger against Sterling last week closing at $1.5569 to the Pound, a rise of 1.1%. The Greenback rose against the Euro last week by 0.8% to close at $1.1096 to the €. The Dollar was weaker against the Japanese currency, closing at 122.7 Yen to the Dollar, making a loss of 0.58% during the week.
The Euro was weaker against the Yen ending at 136.1, a loss of 1.4% over the course of the week. It made ground against Sterling last week, rising by 0.34%; the close saw one £ buying €1.4031.
The Euro now buys 1.0446 CHF, a slip of 0.22% on the week.
Commodities Market Review
On the commodities market, the price for Brent crude ended at $60.32 per barrel, a loss of 4.7% over the course of the week’s trading. The value of gold was lower last week, closing at $1167.1 per ounce, a fall of 0.55% on the week.